Payday loan, also called payday advance, is a small, short term and unsecured loan that you can take for an immediate financial requirement. The loan, typically below 500$ is due the next payday or within the period specified by the lender. The borrower can give the lender access to his checking account or write a check for the loan amount to be paid off when the next paycheck arrives. Consumers can repay the loans as a lump sum (preferably to…