Payday loans are quick, but they're notoriously expensive. You can easily pay a few hundred percent (APR) to borrow money.
The Federal Deposit Insurance Corporation (FDIC) hopes to change that. For the past two years, they've tested "alternative loans" with a group of banks. So far, the results look good.
Banks have been able to offer payday-loan-like loans at lower interest rates so consumers don't get in over their heads -- it's not difficult to end up paying far more than you borrowed with standard payday loans. Banks have also found that they can get new customers if they want to move into underserved markets.
If you're thinking of getting a payday loan, don't just walk into the first shop you pass on the street. Check into all the options -- it's worth checking into local banks and credit unions.
Further reading:
The early Christians frowned upon lending money at interest due to usury and bondage of the borrower. This is exactly what pay day lenders are doing is usury.
Check out the alternated before you go to them.