They are a quick fix. A payday loan is designed for emergency financial needs. If you have an expense that is beyond your budget and your next payday is still weeks away, then you do not have the luxury of time. In comparison, applying for a traditional loan can take far too long.
The interest you pay is only for the length you take to repay. Usually, when borrowing from a bank the duration is fixed. The bank calculates the interest rate for this period and your repayment amount is divided into equal installments. Even if you only need cash for six months or less, you will need to borrow for the time stipulated by the bank.
They are easy to manage. A payday loan is a short-term loan, so the interest is calculated beforehand and specified by the lender before the agreement is signed. A traditional loan may work in a similar way, but you will need to plan out your monthly expenditure for at least two years.
Highly regulated with no hidden fees. Contrary to popular belief, payday loans do not carry additional charges apart from those stated by the lender. Websites are required to disclose every single detail about all fees and charges.
They are not a long-term liability. Unlike a traditional loan, your finances are not restricted for months or years. Get a payday loan and repay it when the next pay day arrives. If you get paid fortnightly, the liability is only for those two weeks.