[Si Coe]

If you don't have a credit card (I don't) or its maxxed out, no significant savings and you suddenly get hit with a big one off bill (say car repairs) then a payday loan is a reasonable enough idea PROVIDED you can pay it all back next payday. The sky high interest won't really matter over such a short term - in fact its probably less than the admin fee a regular bank would charge for the same loan.
BUT in reality any bill you can't meet in full this month you probably can't next month either, so you end up paying a whole lot more than planned.

In other words the concept is reasonably sound except for the fact that situations where it works as planned are rare.

The limited checks performed makes them a magnet for fraud but its also how they can provide money so quickly. If they were more secure, it would take time and therefore you'd be better off with a regular loan.

Incidentally I should point out I have never used, nor do I intend to, one of these companies. But I do understand why the idea at least isn't a terrible as it sounds, and why someone might want to use one. Where money is concerned though concept and real life rarely match.......