Payday loans have been around for some time and have become the target of many a state attorney general. 13 of the 50 states in the U.S. have either made payday loans illegal or have other laws in place that make payday loans impossible. More and more states are clamping down on what they call predatory lending aimed at low income individuals who have no other place to turn and poor credit. Most states have placed caps on the APR that can be charged. Many payday lenders find ways around this by scattering fees and using confusing verbiage in the fine print. Most people can get payday loans with a paystub and a checking account. This is where some can become very crooked and use that confusing verbiage to cheat borrowers out of added fees. Agreeing to their terms often times allows them to automatically debit your checking account repeatedly for fees that they didn’t make clear and before you know it your account has been emptied and disputing it with your bank will do little good. Payday loans do have their benefits. Instant cash can be hard to come by and payday loans allow you to borrow cash in minutes in person and within an hour online. If used properly and ensuring that you read all the fine print and fully understand it, payday loans can fill a niche for those who’d rather not borrow from a friend, family member or pawn their TV. High APR and fees can be the price you pay for convenience and the payday lenders capitalize from others hardships while taking a high risk of the borrowers defaulting. Some lenders state that they run the risk of a 20% default rate therefore justifying the fees and high rates that they charge those borrowers. No matter your situation make sure that you do your homework before agreeing to any terms and compare which service will best fit your cash needs.