Payday loans are a type of loan whereby you borrow with the intention of paying back the loan in the short term; the term 'payday' infers that you will pay back the loan when you receive your salary.
Payday loans are in a way a modern cash advance; in the past employers used to be able give their employees some of their salary before the end of the month if the employee needed the money for an emergency, today as businesses get bigger, it becomes more complicated and many employers in the UK no longer allow advance payments. Payday loans go some way to fill this void, but there are good and bad sides to this concept:
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