What are Payday Loans?
Payday loans are basically short term unsecured loans. These loans are borrowed for a short time period of one month until you receive your next pay check. Payday loans are actually cash supporting to your monthly budget, when you face any unexpected expenses, and your monthly earning or salary is not enough to meet it. That’s why these loans are termed as short term loans.
It’s being smaller loan tenure; you don’t have to pledge any collateral against loan. So, there loans are collateral free and called as unsecured loans. Payday loans are best suited for to pay off your utility bills, tuition fees of kids, medical expenses and travel expenses so on.

Source: https://www.epaydayloansmart.com/payday-loans.html