Payday Loans
A payday loan is a type of short-term borrowing that provides immediate cash to people who require money urgently. It is usually offered to individuals who need to cover unexpected expenses or meet immediate financial obligations. Payday loans are often criticized for their high-interest rates and fees, making them a more expensive option for borrowers. They are typically paid back in full on the borrower's next payday, and lenders often require access to the borrower's bank account to automatically withdraw payments. While payday loans can be helpful in certain situations, they should be used with caution, as they can lead to a cycle of debt for those who struggle to pay them back on time.