"Payday loans have become quite popular among employed Americans who can be currently experiencing short-term cashflow problems and urgently need funds before next pay date. While these short term payday advances bear a high interest rate with them, they are often the best option for customers who want to pay other responsibilities such as credit accounts, rent/mortgages, car payments, and bounced checks. Almost all of these types of bills have steep late pay back fees with them that can very easily be more costly than a financial charge on payday loans.