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For starters, easy loans generally come with exorbitant interest rates and fees, which means you’ll pay several hundreds or thousands of dollars in interest over the loan term. If you opt for a payday loan, you could pay less interest, but you’ll still be charged a three-figure interest rate that may make it challenging to repay what you borrow by the due date. Falling behind on loan payments could also mean adverse credit reporting, damaging your credit score.

So, it’s worthwhile to explore traditional personal loan products. They can be a bit more difficult to get approved for, particularly if your credit score is lower, but they have fewer potential pitfalls.