Cheap hosting, as the word entails, is a low cost hosting service aimed mainly at people who have monetary constraints and still want to have a presence on the internet.
So this type of hosting allows small companies to have their websites live without paying much for it.
However people say that since you pay less for this type of service, you end up getting fewer services and, in order to get more services, the hosting providers start charging you more.
Hence, cheap hosting no longer stays as cheap hosting or if the hosting provider does not charge you then they don't give you quality services.
So, either way, the customer is the loser.
The main concerns associated with a cheap hosting are:

1. Overloaded servers - Since it is low cost hosting, it attracts a lot of customers.
   Hence, the servers get overloaded because they have a lot of sites on them.
   
2. Bad neighbor effect - If the site of one person is hacked then the neighboring sites are also affected.
   Even though you are not at fault, you still have to deal with the issues.
   That means you are not only accountable for the working of your server but also the others with whom you are sharing the server.
   If one site is hacked then the whole server stops running thereby affecting the business of the others too
3. Bad Support - Since hosting providers have a lot of clients on the same server, that too who are paying less, it takes a lot of time and effort to solve each and every client's problem.
   If one server goes wrong then all the others are affected too, who are on the same server, so each and every one of them would ask for support for the same problem, So it becomes a big problem for the hosting company because it gets requests from a lot of clients for the same issue.
   Therefore, it sometimes leads to bad support.
   

So one might reconsider his decision of purchasing a cheap hosting solution after looking at these disadvantages.
But if you are hosted with an experienced hosting company then you will not face any such issues.
You cannot say that buying a cheap hosting would cause only problems for you.
There are a lot of benefits also.
Cheap hosting makes it easy for you to get started with your online website.
If you are a starter and have a minor budget for paying for this service then you should really go for this hosting plan as it would not only guide you in setting up your business online but will also not cost you much.
Not all companies treat their customers based on the plan they have taken and as we all know everything comes with a price, but cheap hosting as the word says is one thing that comes at not such a big price.
If your site is hosted with a good hosting provider then they will give you good support even if you have taken the lowest plan.
All you have to do is choose the right hosting provider.