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Payday loans are short-term loans that are quite easy to get as long as you can show the lender your pay stub and issue a postdated check, usually dated a month after the date the loan is released. A credit check

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

is not even required in order to get approval.

Payday loans are attractive emergency solutions for a temporary cash crunch, but they can be risky especially to inexperienced borrowers or those with little control

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

over their cash flow. Fees that may seem low and affordable can swell into a big amount in a matter of months. Some loans have an APR that can go from 300% to as high as 600%!

Payday loans aren’t totally bad, bu

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

t they can easily get out of control. On hone hand they do provide a temporary solution, but on the other hand there are high risks involved and at times, the risks can outweigh the benefits.

Here are seven tips

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

bout why you should think twice about getting a payday loan:

1. What the borrower receives is actually lower than the amount that’s written on his check. The lender will deduct a finance charge from the loan amo

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

unt as his profit, usually $15 to $50 per $100 during the agreed-upon loan term. Sometimes the borrower writes a check with the loan amount plus fees. If the borrower cannot comply, he will have to pay more finan

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

ce charges.

2. The borrower might not have enough funds in his account to cover the check he issued. When the loan is due and the borrower cannot pay, the lender usually encourages him to ‘roll’ or renew the loa

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

n. He will now shoulder a new loan with an additional finance charge and late fees, resulting to a bigger loan amount. The borrower may even end up using loaned money to pay the high fees.

3. There are state re

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ulations that cover payday loans, setting the loan term limit at 30 days, but lenders avoid this by issuing loans that are no less than 31 days. Therefore, the borrower is still at the lender’s mercy.

4. Payday

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

loans are supposed to be turned to only when there is an emergency need for cash which means that a borrower should be able to pay it back immediately, but this is often not the case. Because it would seem conveni

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ent and cheap in the beginning, borrowers are tempted to allow their loans to ‘roll over’. The result is a loan amount that might continue to balloon unless the borrower has enough cash to pay it off at once.

5.

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

Payday loans are risky because they are designed to be accessible to low-income borrowers who would otherwise not be approved for other loans. Lenders do not take into account that people who already have cash fl

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

w problems might have even more trouble paying the loan back

6. Some payday loan sites are known to automatically ‘roll over’ a loan and then just withdraw the renewal fee on the due date. There are also some si

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

tes that require borrowers to agree to a contract not to file for bankruptcy or join class action suits against the lender. The borrower, in effect, protects the lender.

7. The borrower can get used to payday lo

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

ans when they are supposed to be his last option -- when there is nothing else that can be tapped for money source. Because of their availability and easy approval, payday loans can be very difficult to resist.

I

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

f you do feel you need to make a loan against your pay, make sure you are well informed and aware of the potential risks. If you can, get the lowest possible rate and discuss all the fees covered by the loan so yo

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

know exactly how much you are going to get and how much you are going to pay and when.

If you are already in some trouble due to payday loans, seek the help of certain organizations that offer free or low-cost as

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

sistance in helping negotiate and reduce interest charges and lower your monthly payments. Try to improve also your budget-handling skills in order to minimize or eradicate altogether the need to turn to loans to

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

cover some expenses.

Payday loans are quite attractive short-term solutions to immediate money problems, but if you aren’t careful, it can turn into a long term liability that will let you sink deeper into a vicio

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

us debt cycle. The only way to lower the risk of a payday loan is to ensure that you have enough funds to cover it when the pay date comes and to pay responsibly and on time, just like you do with every other loan

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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