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The situation of having a shortage of cash is fairly common, especially in this economy at a time when prices are going up and unemployment is rising.

At times like these, people will be faced with options verging on the "rock and a hard place" illustration. Doing without necessities, utility shut-offs, additional fees for non-payment or late payment, and repossession are all possibilities in these instances.

There are three advantages getting a payday loan has over a bank when it comes to short-term loans:

Many banks don't even offer short-term credit.
Why? Because it's simply not profitable under a bank's business model. If you were to borrow $500 and the bank is charging you 20% interest, they'd make $100 over a year's time. But if you're paying it back on your next payday, they would make $4.11. Quite simply, it's not worth their time.

It's cheaper than overdraft fees.
Banks charge an average of $25 for insufficient funds. If you're writing a check for your $85. The APR on that transaction is 1073%. Payday lenders and online web loan companies charge a fee, usually about $30 per hundred borrowed.

It's easier and more convenient.
There is usually no credit check through the reporting agencies. The application only takes a few minutes to fill out and you get your money in a hurry; sometimes as little as 24 hours. There isn't much in the way of paperwork. You don't have to put up collateral.