Payday loans have often received much criticism due to high interest rates. However, some fast cash loans actually offer low interest rates. Plus, the interest that you pay on getting a payday loan may actually be less than other alternatives. Here are three instances when you find yourself in need of money and a payday loan may be cheaper and the overall better option:

1. When You Need to Avoid a Bounced Check.

Financial institutions are continuously raising the costs of overdraft fees, which means if you spend just a penny more than what you have in your bank account, you will be paying an arm and a leg for it. Although you can likely handle a single overdraft fee, if something happens and there are multiple fees, you can quickly find yourself hundreds of dollars in the red. A payday loan can help you avoid the overdraft fees, which is often more affordable in the long run.

2. When You Need to Avoid a Financial Penalty.

If you received a speeding ticket or need to pay for court-related costs, yet you don't have the money to pay for it, then you may want to consider a payday loan. Failure to pay these court costs and fines can often create more problems in the end, such as additional fines and the suspension of your driver's license. A payday loan is an easy way to ensure you are able to pay your fines immediately and avoid incurring additional penalties.

3. When You Need to Avoid Having Your Utilities Disconnected.

When your electricity, water or any other utility is disconnected due to non-payment, it can be pretty expensive to have it re-established. A payday loan is a good solution if you run into this type of problem every now and then. However, if you find that you are regularly struggling to keep your bills paid on time, you may want to seek government assistance or other means that can help you ensure you have the funds available to pay your utilities.

Payday loans are not the cheapest cookie in the jar, but they are often more cost-effective than other alternatives. Some payday loan companies will actually lower your interest rate over time if you continue to use their services. If you're in need of money immediately and know there are consequences if you don't get those funds, a payday loan is likely your best option. As long as you use this type of cash advance responsibility, life can almost certainly be easier for you.