Thinking about the person close to the end of the food chain, the concept of payday loans may be one of the best things that has happened since sliced bread. These short term loans provide a safety net for these people, because in most cases, they can't borrow from mainstream banks for reasons ranging from bad or no credit history and rating, to illegal immigration status. These outfits are also easily accessible, and when you go into middle or low income neighborhoods, you find payday loan centers at every other street corner. These loans also come with almost no strings attached. You don't have to put any collateral up. All they ask is that you honor your debt and pay up on time. Payday loans fill up the voids created by banks for people who need small amounts of money at short notice, and probably don't want to hit up friends or relatives for the small financial boost.