Payday loans are short term cash loans which are designed with flexibility of repayment. The interest rates are slightly higher but in the competitive market applicants can avail the cash at suitable and reasonable rate of interest by comparing the different loan quotes. It is not collateral that matters but applicants should fulfil the criteria of eligibility to borrow the cash. : http://ezinearticles.com/?Payday-Loans-Need-Some-Extra-Cash-Amid-The-Month?&id=924241