Payday loan is also called paycheck advance or payday advance. It is a small loan between $100 and $500. The loan should be paid back the day you get your paycheck and it is mostly used for people that can not take a normal loan from a bank because of problem with credit.
If you take this kind of quick loan you have to be ready to pay an interest ranging from 390 percent to 780 percent the US government does not like this kind of loans because people come even more in debt. It has also stopped some soldiers from going to Iraq.
