short-term loan known as a payday loan
An unsecured, short-term loan known as a payday loan is often taken out to pay for unforeseen needs or to bridge the time between paychecks. In essence, when you take out a payday loan, you are borrowing funds against your next salary. Payday loans operate in a rather simple manner. You are required to repay the borrowed funds, plus interest and any associated costs, by your next payday. Make sure you can afford to repay the loan before you apply because the interest and fees might be quite hefty. Read more here
