Politicians always blame the payday loan industry as the main cause of the economic crisis that we are facing today. Payday loans may be the best thing to happen to some people. Anyone who says they are predatory, have never needed one or the help they provide. Anti-payday loan people quote exorbitant interest rates as the reasons not to use them. The percentage rates quoted are not explained appropriately to the reader. For example, 361% interest rates are quoted in an effort to scare people, but the truth is 361% is the amount that would be charged if you calculated the interest on an annual rather than two week basis. Payday loans are loaned out for a term not usually more than two weeks. The 361% quoted interest rate would also involve lapsing the loan for an entire year. Just as any other creditor, fees will be applied and interest charges will accrue during the whole course of the year. To explain payday loans in layman’s terms that we can all understand and calculate easily, if you took out a payday loan for $100 dollars on a two week term, you would end up paying back somewhere in between $115 and $130 dollars or about 15 to 30% of the borrowed amount. This $15 to $30 in interest is not near as much as a late mortgage fee of $75. Plus payday loans are quick to apply for and approval is almost instant, sometimes not even requiring a credit check. Funds are deposited into your bank account within a couple of hours. It’s a great service for a great price. Click here to read more on payday loans.