Aside from tribal loans and title loans, just about anything will be better than a payday loan. Payday loans are short-term, high-interest, low-limit loan amounts, usually around $500, that help cover immediate, emergency cash needs that are meant to be repaid at your next paycheck. The average interest on these loans is 391% for a 14-day loan. Fast and easy is the draw for this type of loan. But quick and easy doesn't mean cheap. The interest rate says it all.