Payday Loans are not necessarily the right answer even if you have a high level of debt and can’t find money elsewhere. Payday loan lenders are designed as small short term loans to tide people over in an emergency. Frankly if you have any level of debt which you know is not going to go away then it is probably best to stay away from payday loans as they can easily make the situation worse rather than better.
The problem with Payday loans is the high rate of interest. If you are borrowing £100 for one week and paying back £125 then repaying the loan won’t be so bad. The problem is that many people borrow £1000 and end up having to pay back £1300 and obviously this is more difficult. A high proportion of those borrowing from payday lenders borrow repeatedly. This suggests that once in debt certain people have trouble breaking free from an already difficult financial situation. This is another good reason not to get a payday loan as once you are in debt it can be very difficult to get out.
If there is no alternative to a payday loan then make sure you shop around as all of the lenders are in competition with each other and some will be cheaper than others. Work out exactly how much you want to borrow and how much it will cost you to pay back the loan. Be honest with yourself as to whether you are just appeasing your finances and making things worse.