It seems as though you cannot turn on TV these days without seeing an advert for payday loans. Wonga may not be the force that they once were, dipping into the background after a tough year, but they are far from the only payday loan company you need to be aware of. Wonga may be the company that receives most of the criticism and media attention, but there are plenty of payday loan firms out there and a great number of them are advertising on TV.

These adverts make the loans seem positive and friendly, a good way to improve your financial status. While these adverts have to comply with the lawns and regulations, and they have to tell the truth regarding a number of matters, including APR, there is clearly a tone and message being sent out by these adverts. You may think that a payday loan is a tremendous way to get money quickly without the hassle of taking out a traditional loan.

Let’s face it, in the current economic climate, more and more people are being denied the opportunity to receive a traditional loan, so they have to look for another option. It is easy to why payday loans appear to fill the gap, but you should be looking elsewhere for a payday loan.

Always look for the APR rate of a loan

This is because the high level of APR and the short term nature of the repayment date means that many people struggle with payday loans. This will often see people having to roll over their loans or take out a payday loan from another company to pay off the first payday loan. Before you know it, your debt is growing and growing and it becomes difficult to see a way out of the situation.

This is where turning to a guarantor loan provider makes sense. A guarantor loan is available with a much more affordable rate of APR, which will ensure that it is easier to manage the loan and pay it back in time. The lower rate of APR comes because the guarantor loan provider has a greater degree of confidence in the loan being paid back.

You will find that the criterion for being a guarantor isn’t too taxing, so you should be able to find someone who meets the criteria. As long as they are willing to act as a guarantor for you, you will find that you have access to a loan that is a lot more attractive than a standard payday loan.