Payday loans are also sometimes referred to as cash advances, though that term can also be used when withdrawing money from your credit card.
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 paycheck. The downside of these loans, however, is that payday loans are almost always accompanied by fees and rates that are near the maximum allowed within the law.
