Payday loans are also termed as payday advance; these loans are actually short term unsecured loans. Payday loans are very famous among salaried individuals, who need some extra money from time to time to meet their unexpected expenses. Borrowers can be approved up to $1,000 for a shorter time period of 2-4 weeks and are likely to be repaid in full on your next payday.
Payday loans are very easy to avail, and you get quick money in your bank account. Being unsecured, payday advance loans are costly as you are not required to pledge any personal asset as collateral to back the loan amount.