Unless you are in immanent danger of having your legs broken by the Mafia, it's best to steer away from payday loans.

What is a payday loan?

Basically the borrower writes a post-dated check for the amount owed plus a fee. These are also called cash advance loans, check advance loans, post-dated check loans, or deferred deposit check loans. Whatever they are called, the idea is the same--you can get a short term loan with no credit check. This sounds very tempting but you are probably not able to pay back the loan in two weeks and the loan people are only too happy to roll over the loan. The so called fee is actually a very high interest for the loan. For example, a $100 loan might have a $15 fee. Unless you pay the entire amount the first payday, you will end up paying exorbitant interest rates. Annual percentage rates can range from around 400& to a staggering $1800%. You may end up never able to pay off the principle as your interest rates continue to climb.

I'm broke, what else can I do?

Try to get a pay advance from your boss. Ask friends or family for a loan. Get a cash advance on a credit card. Request more time from your creditors. Get a short term second job.

Can I get a payday loan on the Internet?

Unfortunately, yes. This is the easiest, most dangerous way to get a payday loan. Again, no credit check is required and it just takes a few minutes to get approved. But, in the meantime, you have practically given away your birthright for a mess of pottage. You must give out your bank account number plus routing number and also your social security number. Now, the less savory members of the financial community have all they need for identity theft. Even though they may not steal your identity, they typically take out only the interest each month and roll over the loan and again you are soon paying larger and larger fees.