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Payday loans can be used by people to pay their bills or to pay for something out of the ordinary items that they don't have enough cash or credit for. However, probably the most common reason people use payday loans is to cover their butts in a financial crisis or to pay for an unexpected expense. Cash advance stores generally don't ask why you're applying, or what you need the money for, so if you're not experiencing an emergency with money you can still apply for and enjoy the benefits of a payday loan. Because payday loans are so quick, easy and credit check-free, people who need the money can access it right away - no questions asked.

The best thing with same day payday loan is that even people with bad credit history can apply for the loan. You can also extend the duration of same day payday loans. If you cannot pay the loan amount within the specified period, you can pay an extra fee to get an extension of your loan amount. The fee charged is usually $25 for $100 borrowed. However, there are only two extensions which you can get to pay the loan amount.

Quite often these payday lenders are criticized. They are called the merciless loan sharks attacking the poorer section, low income areas, which are unable to comprehend the time value of money. Many people find the interest rate on the payday loan puts the weaker section in difficulties, where the richer community can afford to pay even up to 25% interest or so on their credit cards.

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First, let's take a look at how payday loans work. Usually the lender will agree to lend you a specified amount of money for a certain period of time. For example, let's say you needed $200 to cover some unexpected expenses. You would borrow the $200 and write out a postdated check for two weeks hence to cover the amount of the loan plus the finance fee, which would be around $60 for this size loan. So, in two weeks the lender expects to be able to cash that check for $260 to recoup the loan extended to you.

The second major problem is that repaying your loan and fee is likely to leave you skin again at the end of next month, and it's easy to get into an expensive vicious circle of taking out a loan every month - which is when those high APR rates will really bite.

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A breakdown study shows that payday advances has both positive and negative aspects. Most lenders announce these loans are fast with straightforward approvals and that loan companies will not look at your credit. These are flexible in spirit so the borrower can relax because the transaction is discrete. The bulk of advances is issued to borrowers to assist them in helping everyday expenditure on utilities, such as overdue bills or reconnection fees. Many borrowers employ the advances to cover bounced checks and the bounce fees, which are regularly unreasonably larger than fees on a payday advance.

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