Payday loans are short-term cash advances for your emergency needs. They are usually taken when a person wants cash to meet an unexpected need, a medical emergency or for some special occasions. Payday loans are typically repaid within one to four weeks, and are given against your next paycheck. The amount of the loan varies from $100-$1,500. Payday loans are also known as paycheck advances, deferred presentments, cash advances or check loans. The loan is usually given in cash; however some lenders might give you a check or deposit the money directly into your account.
