Personal Loan or Payday Loan?

What are the Pros and Cons of a Personal Loan versus a Payday Loan?

Personal Loan Pros:
A personal loan has a lower interest rate when compared to the short term fees charged by a payday loan.

Personal Loan Cons:
Banks generally require the applicant to have at least a fair credit rating in order to be approved, meaning a credit check is typically required.

Payday Loan Pros:
A Payday Loan has no credit checks, so even bad credit people can get approved.

Payday Loan Cons:
When compared to Personal Loans, a Payday Loan charges a higher interest rate.