Are they really a debt trap?
No.They seem like a debt trap because of their high interest rates.But the truth is that they are one of the best solutions for immediate cash.Moreover you might have got information from the wrong sources.People who have defaulted on these loans would always consider this risky.A person who had got benefited by the payday loan would consider it to be a best solution for financing.So you need to think before accepting others' views.
Do they have high interest rates?
Yes.This is the major disadvantage and this is why i urge all people to think twice before getting these loans.Especially who are not getting a very good income might have higher chances of defaulting than the other people.Defaulting on these loans can bring more problems.A major problem of defaulting is that the interest would become massive because of the high rates.So it is always better if people pay these loans in just a single payday.Extending these loans to a longer term is not difficult but this will make you lose a lot of money.So make sure that you are saving cash and paying the lender as soon as possible.The lenders can also take the cash straight from your bank account.This is another possibility.
What are the requirements and guidelines?
The requirements are not going to hold anyone from getting these loans.This is because they are so simple that almost all can get approved instantly.Here are the requirements:
1.You need to have a steady income,
2.You need to show the proofs to the lender.Showing the pay stubs will be a better way to get approved,
2.You must have a checking account.