Financial trouble finds us all from time to time. When you find yourself in a tight spot between paychecks, you can find relief through payday loans. Payday loans are small, short-term personal loans that are designed to cover emergencies or gaps between paychecks. If you are waiting for your bonus payment or overtime pay to arrive, but need the cash immediately, payday loans can make that happen.
Payday loans are different than other conventional loans. While car loans and mortgages are secured loans with collateral, payday loans are guaranteed by nothing other than your promise that you plan to repay the loan. Since it is a very short-term loan, lenders are comfortable making these personal loans to almost everyone, even if they have no credit or bad credit.