Emergency loans are a type of credit that can be used for almost anything, even emergencies. Payday loans are short-term loans with exorbitant interest rates and brief repayment periods. If you have decent or excellent credit, you could be eligible for a credit card with a zero per cent promotional APR bid. The average annual percentage rate (APR) for payday loans is about 400 per cent, and the quick payment turnaround will make it challenging to pay off the loan without taking out a new one.