A payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. Typical loans are between $100 and $1500 and are due in two weeks,with interest.  

On a two-week loan, fees average $15 for each $100.  The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card.

 

In today's volatile economy, more and more people are turning to payday loans for temporary financial assistance. This type of loan offers people guaranteed, instant cash based on what a person will receive on their next payday. A payday loan is basically money lent to a consumer that will be repaid once the borrower gets paid.

 

Often, payday loans have high interest rates, but they can be an excellent way to get money fast in an emergency. If your car breaks down, you have an unexpected medical bill, or you need some extra money for gas,  payday loans can be a valuable resource. In most cases, a credit check is not necessary since your regular income will serve as your ability to repay the loan.