Payday loans seem to be a good option in an emergency when you have poor credit with no savings. But it can do more harm than a good. Following are the main reasons to avoid payday loans.
1. Payday loans are incredibly expensive.
2. Payday loans are too easy.
3. Debt grows fast at these rates.
4. You can get stuck in a repeat cycle.
5. Many payday loan companies require access to your bank account.
6. The day of reckoning, when you owe more than you can repay, can be unpleasant.