The interest rates on payday loans are typically very high, with APRs (annual percentage rates) including 300% to 500% or more. Payday loans could possibly be more expensive for borrowers who've no other kinds of credit, as lenders may view them as being a higher risk for default. Critics argue that payday advances trap borrowers in a cycle of debt, where they are forced to remove new loans to settle old ones. Payday loans may be more expensive for borrowers that have a good reputation for high debt-to-income ratios or another financial difficulties.

Borrowers must also consider the possible consequences of not being able to repay the borrowed funds, including damage for their credit score and potential legal action. Some payday lenders may offer rollover or extension options, that allow borrowers to increase the payment period of the loan in exchange for additional fees and interest. Some lenders may report payday loans to credit agencies, potentially damaging the borrower's credit score and which makes it more difficult to get into credit in the future.

Personal loans and credit cards may have lower interest levels and more favorable repayment terms than payday loans. Some payday lenders may need borrowers to offer a post-dated check or authorize electronic withdrawals using their bank account in order to secure the credit. Payday loans are often criticized to take advantage of vulnerable people who are in desperate need of cash. Some payday lenders may need borrowers to deliver a copy of these insurance policy or another proof of coverage to be able to approve the loan.

Bankruptcy can be a legal procedure that can eliminate most unsecured debts, including payday advances, although it may have serious consequences to the borrower's credit history and financial future. The quantity of the loan is commonly based around the borrower's income and power to repay the loan. Borrowers who are unable to repay a pay day loan should contact their lender immediately to go over alternative repayment options, like a repayment plan or debt negotiation.

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