Payday loans may seem like the easy way out of temporary financial problems, but many people fail to realize the crippling expenses behind the loans. These loans carry an average fee of around 25% with a repayment period of only a few weeks which combine into an APR that can reach into the thousands. Unfortunately, many consumers do not hesitate to renew their loans every month - which turns payday loans into an addictive cycle in many cases. It's easy to get into the habit of taking out new loans each month just to get by, which creates an enormous problem given the excessive interest rates here. If you are looking for cash, you may be better off looking at credit card debt, credit union loans, overdrafts, or non-profit loans - all of which are likely to be cheaper debt that payday loans.