What is a Payday Loan?

A payday loan which is also called a paycheck advance is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. Payday loans are fast and easy.Whether you need $200, $1500 or more, the loan companies help you to get the quick cash you need to cover life's unexpected expenses. The online applications take just a few minutes to complete and most online applications don't require you to fax anything. Another good thing about getting a payday loan online is that you will get an instant approval decision, most time within a few hours or less. No credit is usually required to get these types of loans and is a great source for people with bad credit. However, there can be a downside to getting a payday loan. If you cannot afford to pay the loan off I would advise against getting one. A payday loan is just that a payday loan. It is only designed to get you by on a short term basis. If you don't pay the loan off right away, you can end up paying a high cost of interest fees that really would not be worth it in the end. On the upside if you are in a bind and you have a job and a checking account it serves as a wonderful financial source whenever you need a few bucks just to temporarily get you to your next pay period. My advice is, simply..... be responsible. Don't borrow more than you can pay back and pay the loan off as quickly as possible.