The main benefit of a payday loan is that it's there when you need it. While the interest rates on payday loans are insanely high, supporters of payday loans argue that they provide quick loans for people who are employed but are experiencing a cash flow crunch for one reason or another. For those individuals who need an instant cash loan and who can pay back the money borrowed plus the fee within a few weeks, a payday loan can be a viable, albeit extremely expensive, alternative. A payday loan can more than pay for itself if it helps you avoid two or three bounced check fees. The key is paying the loan back when it comes due—or sooner if you can. Do not continue to roll the loan, as the fees will mount to levels that you will be unable to pay.