Strangely enough people who are comfortable with money don't seem to want to take out loans at 1724% APR....can't quite think of a reason why not, or more to the point 1724 reasons.

The very nature of the quick access no credit check application means that people who have had or are currently suffering credit problems find it as an easy access to additional funds but as they have proven difficulties in repaying debts it means they are particularly vulnerable if they continue this trend and miss just one payment and find the interest has rolled up and the debt could be twice the size in just one month.

Exactly who else would apply for a loan with an APR of 1724%, yes ONE THOUSAND SEVEN HUNDRED AND TWENTY FOUR PERCENT.

As well as Zeb's good advice; someone in the thread below speaks from experience. These forums are littered with poor casualties who initially thought like you. Last word of caution for your own benefit, when you see their misleading adverts simply disregard and ignore them!

http://www.moneysupermarket.com/community/forums/t/payday-loans-49460.aspx

Edit - For the sake of the welfare and benefit of the public at large these Payday loan companies should :

1) Be regulated properly, any responsible Government should place a reasonable and realistic cap on the APR% that they are allowed to charge by law.

2) Be banned from advertising in the media for the sake of people's mental health, for similar reasons they banned adverts on smoking.

I personally wouldn't recommend any payday loan company.

The APR on these loans is around 1425% (one thousand four hundred and twenty five) on these loans compared to maybe 15% - 20% for a regular loan

If you check the TV adverts you will see that it does tell you this (as they must by law) buy when the caption comes on screen they will normally bounce a big bold written statement onto the screen to draw your attention away.

Payday loans canbbe a very dangerous way of borrowing money. You only have to be late with 1 payment and you can find yourself in nig trouble as the amount of interest that is added on even for just being a few days late could mean you could not afford the next payment and so the spiral starts.

These type of loans are advertised and aimed at low income families that may be struggling with their bills and are the typical type of people who may be more likely to miss or be late with a payment. If you are paying overdraft fees then it means that you are probably not looking after your money in the best fashion and so this type of loan (although aimed at you) is probably not the best option