Payday advance loans go by many names, however, the premise is still the same. Payday loan companies provide short-term loans for approved applicants that are repaid on the day of their next paycheck.

The purpose of payday loans is to help people meet their financial obligations between pay periods when unexpected expenses throw off their monthly budget.

The payday loans range from one hundred dollars to approximately $1,500, depending on the company offering the payday loan.

Typically these loans have very high interest rates and some have additional fees. For borrowers in a temporary financial bind the interest rate and fees may be acceptable to them so they can get through their temporary financial hardship.

There are some borrowers, however, that use these payday loan services in an attempt to stretch paychecks in an endless cycle. Rather than using payday loan services to get through a temporary financial hardship, they are using these loans as part of their overall budget.

The danger of using payday loans for this purpose fill the pages of a number of websites, including websites like Payday-Loans-Cheap-Fast.ORG that discuss payday loans, but do not offer them in an attempt to educate borrowers before they take out a payday loan.

There are a number of men and women who found themselves digging a deeper financial hole by taking out payday loans in an attempt to dig themselves out of the financial hole they were already in.

High penalties, very high interest rates and other fees can bury someone already in a tough financial situation and that is why many organizations are doing their best to educate consumers before they turn a bad situation worse.

Though payday loans can certainly assist many consumers during a difficult, short term financial hardship, they can quickly add to that hardship if they are overused or become part of the consumer's overall financial planning.

David Casey, VP, SetSitesHigh (http://www.setsiteshigh.com) is a website designer and developer based in New York and is not affiliated with http://payday-loans-cheap-fast.org/index.html or any payday loan related website.