Why is there Involvement of High Interest Rates?

If you want to know why the interest rates are higher for payday loans, then try to grasp the core working principles it centers upon and the convenience it offers you. Because you are offered an instant service, and that too without having a good record of credit history, the higher interest rate is the cost of the risk that is incurred in lending you the loan. The higher the risk, the higher is the return for the lender.
Whether the pros take the game in their favor or the cons will entirely depend upon the circumstances. If you cannot find any other source of fund other then the payday loan, then you can’t do much about it. However, they must never be taken for the intent them using them over a longer term as this will make you suffer to the extreme.
At the end of the day, the payday loan just aims to facilitate you by providing easy access to funds and a quick solution to remove your financial distress. If borrowed with intelligence and used wisely, these can provide you great benefit when you are in financial crisis and need instant cash to make your problems vanish. The key to these loans is repaying them on time and only borrowing them when there is an actual need.