Many individuals find out quickly in life that financial security is infinitely more of an ongoing process than something you happen to fall into. Especially in the type of economy we’re dealing with today, and the undoubted high interest rates coming in the near future, it’s remarkably easy to fall behind in your bills and find yourself in debt. Simply lapsing for a month could start the proverbial snowball effect.

Taking out a loan is something most people try to avoid unless absolutely necessary. Having multiple credit cards and open lines with computer and cell phone companies and mega-marts creates enough monthly hassle as it is. Unless it’s a home mortgage, it’s probably a good idea to resist even applying for a large loan.

But then you have the short-term loans out there, created solely to cater to individuals who need cash in a pinch to catch the snowball while it’s still manageable.

An online cash advance, known widely as a payday loan, is an option that millions turn to every week. The premise is simple: no credit or bad credit, so long as you have a job or a car title, you can get a few hundred bucks in a hurry.

Are these loans too risky for you, though? Will they leave you in deeper trouble than what you started?

Payday loans are set up to be incredibly attractive to people who need money. Let us not forget that it’s still a business we’re dealing with. Many aspects of the process stand out as appealing. No fax payday loans don’t require any forms sent in, while bad credit loans will give money to essentially anyone – there’s a loan for all seasons.

Being a business, these lenders inevitably need to earn a profit. When you take out a payday loan, you’re expected to pay it back very quickly. The lender is assuming a lot of risk. After all, there’s really nothing keeping you from walking away from most loans. (Most don’t require a car title and are only giving a few hundred dollars.)

Interest rates can be 100% or much higher, and if you miss a payment your next bill may increase dramatically. You’ll pay well over the principal, maybe even doubling it with interest alone. And if you only take $100 or so, you may be required to pay $400 or more back in a few months – depending on which lender you select.

There are, of course, reputable lenders out there who won’t hold your feet to the fire and who offer fair practices. But overall, a payday loan is something you should consider as an emergency-only loan and not something you get into because you need extra spending money.

If handled responsibly, a short-term cash advance can go smoothly and you’ll find that it’s over in no time without any lingering hassle. Just always be prepared and do your research on any lender, and make sure you have a way to handle repayment.