It's a short term loan that is paid back right away. They are called "payday loans" because you can often get approval and get the money in your account the same day, or within 24 hours. It's also called a payday loan or a payday advance, since the idea is that you need the money right away and will pay it back with your next paycheck. It works much like a cash advance.
These types of loans are usually for paying bills that are unexpected or for emergencies. For example, if you have a medical emergency, or if your car breaks down, and you don't have the cash on hand to pay for it. While it may be more money than what's in your wallet, it usually less than other types of loans. Many day loans are in amounts
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