A payday loan is a high-cost, short-term loan for a small amount — typically $500 or less — that’s meant to be repaid with the borrower’s next paycheck. Payday loans require only an income and bank account and are often made to people who have bad or nonexistent credit.
What are the advantages of a payday loan? The biggest advantage to payday loans is the quick and convenient access they offer. You can apply quickly online for a payday loan. Processing is fast – within minutes of being accepted for a loan, the money lands in your bank account.