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Pay day loans are a kind of borrowing referred to as “high-cost, short-term credit”. You borrow between ВЈ50 and ВЈ1000 and spend the loan back with interest, in a single re payment on or soon after your following payday. This type of borrowing is often more costly than various other kinds of credit.
There are some other forms of short-term financing, including:
- instalment loans вЂ“ payments are spread monthly or weekly over several repayments, typically between three and a year
- вЂrunning creditвЂ™ or вЂflex creditвЂ™ вЂ“ the way in which this works is comparable to a bank overdraft, borrowers and offered a ‘limit’ they can set up to as an if they want to, provided they spend at the very least the interest off every month. Read more…