What are payday loans?
A payday loan is a type of loan that allows you to borrow money on a short term basis until your next pay cheque or salary.
This short term loan can be used for a number of purposes and could be ideal for emergency situations or at times when you have possibly overspent. Periods such as Christmas, Birthdays and other festive times could be a perfect example.
Payday loans allow you to tie yourself over until you next get paid and therefore the repayment period is also short, this can vary from lender to lender but generally this would be around a maximum of 31 days.
Like with any type of loan a payday loan needs to be repaid and will be enforced with an interest rate charge. In addition, to obtain a payday loan the loan provider will have an application process that you will need to complete.
