I did one once. Got a $800 payday loan for two weeks until my next paycheck. With fees and what not it cost me $28. At first it didn't sound too bad but if you were getting a couple of these a month at that kind of interest it could run you between $50-$150 a month. If you do the math, $28 for two weeks on $800 is 91% APR. I had pretty good credit so I got the "low" rate . Definitely not a good idea unless you're super desperate. In my case I was shy the money to buy a car that I found for a great deal. Had I waited it might have sold so I don't regret it. I doubt I'll ever do one again though. Next time I'll put it on the skymiles credit card. Less interest and you get miles