Payday loans provide you with extra cash during an emergency. For example, you might require a payday loan if you've just had a major vehicle breakdown that will cost you hundreds of dollars to repair, one of your children had a very expensive medical emergency, or the refrigerator and the pantry are looking bare. You don't have the ability to borrow from family and friends or time to waste attempting to get a short-term loan from your local bank. Payday loans can give you the opportunity to hold on until you get your next paycheck. The application process is much shorter than for other types of loans, and you are not required to have a perfect credit score.