If you are thinking about taking out a payday loan because your paycheck was not enough for you to cover your car note, mortgage or electric bill this month you might want to reevaluate your decision. On the surface, payday loans seem like the perfect solution. They make it possible for you to borrow the money you need without having great credit. All you have to do is make sure the money to repay the lender is in your account when it is time for them to receive payment. Simple, right?