All about Payday Loans What is a Payday Loan? Required Documentation Payday loan seekers Selecting a Loan Lender Are there disadvantages? Payday Loan procedures Impacts on your life How big of a loan? Tips for Payday Loans Who is qualified? Repaying Your Loan		Disadvantages of Payday Loans   Payday loans have several disadvantages; however, if you have no other alternative, receiving money immediately may outweigh the disadvantages.   Service Fees The major disadvantage of payday loans are the service fees, which are extremely high. Some loan service fees may cost from $20 up to $100 depending on the amount of money you receive.   The reason for the high service fees are that there is a large amount of risk involved with this type of loan. Thus, these loans should only be taken in the most extreme cases, or if you can save money by taking the loan now.   Example of How It Works: You could save money if you needed a new set of chairs and they are on sale this week for $100, but they regularly sell for $200. In this case, it would be worth a $20 fee because you would still be saving money. However, if you had a credit card that you could put it on for now, you would save more money by not having to pay the service fee. However, if you did not have credit and this was an emergency situation, you should go ahead and take advantage of a payday loan.