Millions of Americans appreciate having payday loans as an effective financial tool when they find themselves with an unexpected expense. Often they choose to take a payday loan rather than bouncing a check or using overdraft protection, incurring late fees on routine bill payments, borrowing from friends, family or church, or taking out a cash advance on a credit card. All of these products have a cost associated with them. Payday loans can be a less costly and/or most desirable option.