Payday loans have high interest rates and are only intended for short term borrowers. It is important to make sure you understand the costs involved before applying.
If you cannot repay in full then some payday lenders can often extend your loan, however this could impact your credit score as well as increasing fees and interest. If you fail to pay then you could face collection action. We strongly advise you not to take out another payday loan if you already have one. As our expert guides explain, there are alternative options which are cheaper for you.