A payday loan is a short-term loan you’re expected to repay within a few weeks of borrowing. Loans may be available from online lenders, through loan apps,
Short description about payday
It is just like daily loan which does not require any kind of collaterals and other property for loan to get until and unless strong income proof and regular income certificates
Payday loans seem attractive because they often provide same-day funding regardless of your credit score. As long as you can meet some minimal requirements, such as showing proof of income and an active bank account, you can get a payday loan.
Unlike many loans, you don’t make payments over time with a payday loan. Instead, the entire borrowed amount — plus fees — must be repaid in a lump sum payment. Often, you’re required to write a post-dated check for the amount due or provide authorization to withdraw the money directly from your bank account.
These kind of loans are generally seen in america and other most developed countries