Payday loans are short term loans. These are generally taken in case of emergency. Payday loans are granted instantly, this is the reason why they have become famous. There is no credit check and the loan is given to anyone who has a regular income. The benefit is that you can meet you immediate financial needs. But the major disadvantage is that these loans come at a very high interest rate.
Generally you can end up paying an interest of 150 or more percent (it is on the lower side) for what ever amount you have taken. This high interest rate is all right for someone who has the capability to pay but someone who cannot pay the interest later on should not take such a loan. The reason is that once you take a loan and are unable to pay the company will renew your loan amount with increased interest rate and a penalty. This vicious cycle will continue growing till you have not fully paid all your debts.
If you are in dire need of money, then find out the company which offers the lowest rate of interest by comparing the interest rates of various companies in the market. You can calculate the loan amount by payday calculators which makes it easy to decide which offer is better.