While a personal payday loan will bail you out of an immediate difficulty, you do not want to continue paying the fees they charge you. There are a few things you must know about cheap payday loans. Once you have some control over your immediate needs, focus on cutting down on your expenditure over the next month. It also is nice to know that you have a fall back option, should you ever need one. If and the word to watch is if you were to keep this loan for a year, you pay a prohibitive amount as interest. A little financial planning will go a long way. Upfront that the APR rate (the annualized interest rate) on a payday loan can sound daunting, but you would never keep this sort of a loan beyond your next payday anyway. If you are unable to repay your cash advance in time, there will be a charge of course, but people tell us that if you don’t do this often, then you may pay lesser than you would if a check bounced. Quite often, a few hundred bucks can make all the difference.