When you need money today, and not just a week from today, online payday loans can be a salvation. But for many people, these loans, also called payday advances or sometimes just cash advances, have become a nightmare. Here's good and bad of getting an online payday loan:

• Good: applying for a payday advance or other cash loan online rarely requires a credit check. There's also virtually no waiting to get cash, and no collateral, down payments, or paperwork headaches required.

• Bad: online payday loans’ interest is close to or beyond outrageous, and true cost is often hidden in language of agreement. Some payday loans have charged equivalent of 600% annual interest!

• Really bad: some online payday loan lenders are not trustworthy. In some cases, lenders have made unjustified charges to clients' bank accounts. Just remember: they can take money out of your account just as easily as they put it in. Anyone can open a website, so be sure to check out reputation of an online payday loan lender.

Online Payday Cash Advances: Tricks of Trade

As with everything else in life that involves money, if you don't want to get cheated on your online payday advance, you had better know everything you need to know before applying. Here are some dangers to watch out for:

• Interest and fees. Hit "back" button when you get to websites that don't tell you interest rate and all fees, including late and penalty fees, or try to hide this information. Legally, all payday advance lenders are required to provide this information.

Car loans are certainly less costly than home mortgages, student loans, or other kinds of loans. So why do so many people end up defaulting and losing their cars? Find out these hidden dangers:

Biggest Hidden Car Loan Danger: The Inherent Money Pit

Unlike home mortgages, student loans or other big-ticket loans, car loans are inherently money pits. A house can build equity; higher education can increase earning potential; even jewelry can sometimes be re-sold for as much as was paid for it. If you borrow to buy one of those things, you may eventually get a return on investment. But every single car loses significant value and keeps losing it as time goes by.

Solution: spend as little on your car as possible.

Of course, in order to spend as little as possible over life of vehicle, you need to get a well-made, fuel-efficient car, rather than one with lowest price on windshield.

But a pickup truck, SUV, sports car, or “luxury” model is a guaranteed money-loser. Don’t worry about what other people will think. Think about it: when was last time you saw an expensive automobile and thought, "I really like and respect whoever owns that!"

The best buy? Many economists actually recommend buying a used car that's a year or two old. That way you can actually benefit from fact that cars only drop in value. Even a car that’s just six months old may offer you a substantial savings. Just have it inspected thoroughly so you don't lose what you've saved on maintenance payments.

Hidden Car Loans Danger: Dangerously High Monthly Payments

Unfortunately, most people never figure out total cost before signing on dotted line. They end up staying up late at night trying to figure out how to make ends meet. They live in smaller houses. They skip going out at night. They don’t go on vacation.

All that sacrifice to have a brand-new SUV in driveway!