A payday loan is a short-term loan for a relatively small sum of money secured against a customer's next pay check provided by a non-traditional lender. It is also known as Payday advance. Payday loan covers your expenses till your next payday. It is very useful in an unexpected financial emergency because it provides an instant solution.
Payday loans are expensive as it must be repaid on the borrower's next payday in full in order to keep the personal check required to secure the loan from bouncing. The lender examined the amount of money borrower’s earn at a job before providing him payday loans. It is very popular all over the world.
