The biggest disadvantage of a payday loan is the fact that it is an expensive loan.  When applying for a Quick Payday Loan you should know that the interest rates range from 10% to 30%.  This means that for a $100 payday loan, you can pay $30 only on interest, which is a real fortune.  It is essential to fulfill the repayment of this loan on time.  Otherwise, you might lose a lot of money.  As a direct consequence of your non-payment, the interest and the fees keep accumulating.  You will end up paying a doubled or even tripled amount.  This will be a real financial burden.