Are payday loans bad?

Well, consider this scenario. You need some cash fast, and your pay check is still a week away. Your bank refuses to lend to you for whatever reason -- bad credit score, no credit score, etc. If a payday loan lender offers to give you money despite your bad credit score for a slightly higher interest, won't you take it?
Call payday loans 'sharking' or whatever, but they are your only source of cash when you need it. Most people would take a payday loan in such a situation. Are they right or wrong. Go figure!