Payday loans may seem harmless enough, like DirectLenderPaydayLoans.com. You just borrow a small amount of money to keep you going until you next get paid, when you pay it back. If you can pay it back, although it will cost you, they are okay. However, if you cannot pay the loan back then the trouble starts. You will be charged fees and the interest rate may go up and the costs can add up to a lot of money.
An overdraft can seem very simple. If it is authorised, then it will not cost that much. However, if it is unauthorised you could be charged on a daily basis. Even an authorised overdraft can be dangerous though because you can easily not pay it off and then the costs can mount up. You are not expected to pay it and so money will not be demanded and unless a pay check goes in, then it may be easy to just leave it there gaining interest.
A logbook loan will give you money based on the value of your car. The car will be used as collateral though and so if you do not make the repayments on the loan it could be taken. This could mean that you will not be able to get to work and you could lose your job.
Borrow from Friends and Family
Borrowing from friends and family may seem like a cheap and easy way to get money. However, if they are suddenly short of money then it can put a strain on your relationship with them as they may want it back and you may not have it.
It can be better to phone the people you owe money to and see whether you can pay them less than you owe for a while. Find out whether you can take a payment holiday or whether they have any ways that they can make repayment easier. See whether you have anything to sell to make the money that you need or try to earn money elsewhere before resorting to these types of loans.