
What Are Payday Loans?
Payday loans are short-term, high-cost loans designed to provide quick cash to borrowers who need immediate financial assistance. Typically, these loans are due on the borrower’s next payday, hence the name. They are commonly used to cover unexpected expenses, such as emergency medical bills, car repairs, or utility payments when there’s a shortfall in monthly income. How Do Payday Loans Work? A payday loan is usually a small loan amount,…