Payday loans is type of loan which comes as unsecured loan in short term period. In this business the borrowers don’t have to pledge their assets as collateral. The payday loan or many people called a payday advance all refers to cash advance. This type of loan is popular in United States of America and it has different rule or legislation between different states or even different country outside America. The process of payday loan is relatively easy. First you have to prepare the payment roll or salary receipt (some money lenders ignore it as they have their own underwriting criteria) before you visit the cash loan provider.
From there, you can bring some cash home with posting the postdated check to the lender which says paying back the full amount of money borrowed plus fee on the following of the borrower’s pay day. On the deadline or known as maturity date, the borrower must come in person to pay the debt or loan in full amount. But now there is this new type of payday loan which called online payday loan where the borrower doesn’t need to borrow and return the money directly. Through this facility people can apply the loan through the internet and get or return the money via account transfer.