Payday loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Legislation regarding payday loans varies widely between different countries and, within the United States, between different states.
Payday loans are most useful in an emergency when cash is needed fast. Usually, the cash can be borrowed very quickly and does not need to be paid back until your next pay check.
