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Pay day loans mostly known to many as cash advances are loans involving small amounts of money and short term payment. One does not need to have collateral to obtain these types of loans but rather you will be required to have employment records and the previous payroll. The loans are designed to help borrowers to access cash fast when they are in need. The laws controlling the operation of payday loans vary in different countries and hence there is no standard rules regarding these loans. Though payday loans were viewed by many critics as to have high default rate by borrowers and also as an opportunity to exploit low income earners by lenders, this is not the case. Starting with the case of defaulting, these bad credit loans are based on the record of credit ranking of the borrower and therefore only reliable and honest borrowers can access the loan services. On the other hand, all charges concerning the loans are in line with operating costs of business which gives no opportunity for lenders to exploit borrowers. Therefore I do not see any reason why any person, either a lender or a borrower to have second thoughts about payday loans. Governments must come in to support this type of services due to various reasons. First, payday loans are very relevant to coping with disasters. This is because the loans have very few formalities to obtain and also it takes a very short time to mature, in most cases one day. Secondly, people who use payday loan services are usually short of alternative sources to obtain funds and therefore in absence of these counseling services there is a chance that they may turn to illegal sources. Lastly, since the amount involved is small, there are usually no conflicts arising due to defaults. As a result, this is the best way to obtain credits
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