PROS

Fast to get – All you need to get a payday loan is walk into one of the centers with a pay stub and a current checking account and you are set. Convenient – To get a payday loan, you don't have to make big plans or appointments with the lender to meet you. If you need it now, you can get it now. Easily accessible – Almost anyone can get a payday loan. They will not discriminate based on your earnings. So long as you work, you're good to go unsecured – Another reason that makes a lot of people favor payday loans is the fact that you don't have to put up anything as collateral or security.

CONS

No security – Because you don't put up any collateral, when your creditors come after you, they can take away things you never thought they could, for example a paycheck

High rates – High interest rates mean high fees for each loan taken out. With time, the fees add up, even when you pay on time. For example, if you take out a loan of $300, you could fork out anything between $45 and $100 in addition to the loan and in the long run it’s not so cheap after all. Addictive – Once people start taking put payday loans, they can end up in a vicious cycle of debt. It's the easy way out, so some people might opt to keep taking loans as opposed to saving for a rainy day.