But there are also aspects of concerns associated with this form of loan. Since internet is not a much secured place, there is possibility that your information is being hacked and can be used for fraud purposes. There have been many scams related to this mode of micro loan. As there are no such hard and fast rules for verification, to get the loan, most of the applicants impose as somebody else with fake identification. There are cases of people who cheated these financial institutions with fake identification. Chances of frauds are also involved on the behalf of borrower. Many bogus financial institutions have cheated the people by charging them with processing fees and other charges. Another matter of concerns is the hidden charges and costs. Other things to be considered are the high interest rate because most of the financial institutions find this mode of micro finance very risky. It is always safe for both creditor and borrower to make a thorough research and go through all the details.
Payday loans are fast and convenient way to a hassle free and easy micro loan in heydays. If your are genuinely in situation where you desperately need some extra money then payday is a good option but it is advisable for you to be extra cautious for any fraud elements. In the end I would suggest that before making a decision keep in mind all the pros and corns of this mode of micro loan. Only avail this mode of loan when you desperately need the money.