YOUR MONEY | 5 things to know about payday loans

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(Photo: Gallo Images/Getty Images)
(Photo: Gallo Images/Getty Images)

It’s Murphy’s law – the Christmas season has left you flat broke and suddenly you get hit by some unexpected expense. Out of the blue your car starts haemorrhaging oil or your dog injures their paw and needs surgery.

It’s in situations like these that many people turn to payday loans. They’re easy to obtain and seem like the perfect solution when you need just a bit of extra cash to tide you over till your next salary.

But the reality is they’re not the risk-free, low-cost option many believe them to be.

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