I took out a bank loan about 2 months ago. The process was pretty straightforward. The documents were easy to fill out. In fact some of the sections had already been completed on my behalf. Before I knew it, the money was in my bank account and I was quite pleased. The interest rate also looked reasonable and I did not expect any nasty surprises.
Unfortunately that was not the case for my friend who used an online weekend payday loans company. The application and approval process was pretty straightforward. However, when he received his first request for repayment, he almost fainted. The company had loaded up other charges that he did not even know about. When he called them, they said that he should have read the terms and conditions carefully as it was all explained in there. He now regrets ever borrowing from that company because he has no money to repay them now. Am sure he is not the only one in this predicament!