What is a payday loan?

Payday loans are short-term loans that can provide emergency funds usually within 24-48 hours, with the intention that these funds be paid back quickly, i.e. once you've received your next pay cheque.

A payday loan (or payday advance as it is sometimes called) gives you access to quick cash but incurs a higher interest rate to compensate the lender for the increased risk of lending out emergency funds.

As payday loans are short term loans it may be possible to obtain a loan even with a less than ideal credit record.