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We can agree on one thing - quick payday loans are the easiest and most convenient way to get fast cash. You cannot escape paying interest no matter what type of loan you take out. The longer the loan period, the more interest you pay on the amount borrowed.

The interest on payday loans may seem higher than normal loans like personal loans, but the fact is that it's not much more than you would pay if you took the money from your credit card, if you had the credit available. When pay day loans do become rather expensive is when you keep rolling the original loan, because each time you do that you incur the cost of the fee.

The advantage of quick payday loans is that they are super convenient and the approval rate is 99%. If you have a bad credit record, or no collateral to offer a bank, there is little or no chance of you being approved for any type of loan, whereas with pay day loans, you are 99% assured that you will be approved.

The payday loan lenders take all the risk with this type of loan, and that is another reason why the interest rate is slightly higher. They practically give you the loan on good faith that you will repay them. They do not do any credit checks, and they don't even phone your employer to verify your employment information.

Another advantage of quick payday loans is that it's short term. No one wants to make debt that ties them into a long term repayment plan that has a significant negative impact on their monthly cash outflow. That is why short term loans are so popular. Remember to always borrow responsibly and only borrow the amount that you can afford to repay.