A payday loan (also called a payday advance) is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday".
Have a look at this infographic showing Payday Loan affordability fast facts:
Source: http://www.pewstates.org/uploadedImages/PCS_Assets/Graphics/PaydayFastFacts_Infographic_FINAL.png
Have a look at this infographic showing Payday Loan affordability fast facts:
Source: http://www.pewstates.org/uploadedImages/PCS_Assets/Graphics/PaydayFastFacts_Infographic_FINAL.png
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