Payday advance loans are not unlike any other type of loan product. These loans have both pros and cons. As a consumer, it is your job to consider both these positive and negative attributes and determine whether or not the advantages outweigh the disadvantages. Taking the time to review the information outlined below can help you to make this determination. Payday Loans Are Intended To Be Short Term Loans Payday loans are only meant to provide you with the cash you need for a short period of time.