Quick payday loans are made for convenience of low income group in many countries like Australia, United state, Canada and UK. Also people are fulfilling their urgent needs. Payday loans also called pay check advance are loans given to the needy on some interest rate and is revert at the next payday of the borrower.

When this type of system was started they were very effective at low income groups. With this loan people can’t have to wait till their salary come. Urgent works are no more delayed. It gain popularity very soon but the basic drawback of this system is very high interest rate. They are finance instruments but for very short term resulting high in high interest rate of four hundred to nine hundred percent.

With globalization the entire world come into a nut cell. With the development of science & technology our life has become full of comforts. But very likely to the two sides of a coin, it has also created many problems for us. So Government pays attention in all new activities going in society. And payday loans are not different and government made many laws to control the high interest rate. Features of payday loans: •High interest rate •Short term finance •People are bound to clear their loan on salary day •Government can’t control increasing interest rate of loan •People become habitual of loan Normally the government has fixed the loan rate of 10-30 percent but the companies are still increasing rate because people are using this loan facility. Now to overcome form this problem new schemes which are good for both borrower and loan financing company is needed. Many companies where people are working have taken steps to provide some salary in advance on low interest has been started so that this can be the future and Easy payday loans have to go under some changes as per the interest rate is concerned.