A payday loan is a short-term advance. Its main purpose is to provide a person with an option of attaining money whenever he/she is in need of some little amounts of financial aid when his/her paycheck date is still far away. Emergencies do happen and they may get you off guard, with no extra cash to settle unexpected bills or cater for an emergency.
That is when payday loans come in. It is a quick method and it is even possible for you to get the money on the same day, or after just a few hours after you have submitted you application
Payday loans are different from other normal loans simply because of the length of time involved. Other types of loans require you to pay back the loan over a long period of time. The payment can also be made in installments, depending on the term and conditions of the loan.
However, the same cannot be said of payday loans. Once you get a payday loan, you will be required to pay it on your next paycheck together with some additional fees. There are different ways of applying for a payday loan. You could visit your financial institution or you could make the application online.