Payday loans are not the same as traditional loans, they are paid in one lump sum in a very short term. When taking out a payday loan remember that money will come from your next check, however you will still need to be able to pay expenses and living costs as well.

Payday loans are usually immediate, either when in person or when the application is over the computer. In some cases the cash will be handed directly to you whereas online it may be deposited directly into your bank account.

Under the "Truth In Lending Act" the payday loan company must disclose all fees and charges associated with a payday loan. This means they are written somewhere (usually in the fine print) in your loan application. Take the time to read the full application before signing.