What is a Salary/Payday Loan?
Basically, a Salary loan or Payday loan is a monetary loan provided to borrowers that must be paid in full or on installments when the borrowers receive their next pay check. The loan amounts granted are typically fairly small and are based on the gross amount of money the borrower earns for each pay period. These loans include high interest rates that will usually cause the borrower to acquire additional debt if the loan is not paid back on time. These loans are also called cash advance loans or check advance loans.