Payday loans and processing fee!  Commonly, critics are behind writing and killing the payday loans system.  But, we need to look it the other way! Do you think it could be heartening to hear free advice from your neighbor or family about how bad you have performed with your finances and statistics relating about how well you should have saved in the past to avoid borrowing now?  Your examination fee dues may be just closing in two days or you may be in need of some money to pay for your electricity bills! All you need at such times is money to fill the gap and not free advices.  Free advices can be time killers and they do no merit.  Payday loans offer you “money against a processing fee” and not “free advice and no money”.  I think in times of need the former is better than the later.

As a famous proverb goes “A friend in need is a friend indeed” so do payday loans function at the right time as “a money in need is a money indeed” Financial critics give statistics and not right money in the right time, nor do your advising neighbor.

Is the processing fee high! The answer can be yes and no.  The processing fee for payday loans are higher in terms of APR to be 40% or more based on the lender; but when you compare the processing fee against the amount of loss you may incur without meeting a particular money need, then the rate may seem negligible compared to the monstrous size of the loss like having your electricity disconnected, not being able to attend your final semester and having to wait until the next examination!

Payday loans are justifiable based on needs; however, frequenting in to these loans is not recommended, it should be a rare resort.

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