Payday loans can come in handy when you have a bill coming due but won't get your paycheck in time to pay it. However, if you don't stay on top of paying back these loans on time, the interest will accumulate quickly, and you may find that you owe a mountain of cash to various payday lenders. You took out those loans with the agreement that you'd pay them backā€”and failure to do so will make it harder for you to take out additional loans should you need them in the future.