A payday loans is a short term unsecured loan. It is also known as payday advance, salary loan, small-dollar loan, or cash advance loan. The loan is deposited directly at your bank account, and you are expected to pay it back at the end of the month in full and with interest. However, you can prolong the repayment period by three months as you are allowed to pay in installment. These loans are suitable for small amounts.
In most cases, you allowed until your payday to pay back; however, some lenders will allow you to choose a day that you are comfortable with to pay back. Payday loans can save when you have an emergency.