What is payday loan

A payday loan is a cash advance loan that is offered for a short period to a borrower to meet an urgent financial requirement. This payday loan is given to the borrower against his or her next payday. A payday advance loan is the ultimate choice when we are short of funds in the middle of the month. Obtaining a bank loan becomes very difficult to meet up immediate needs. Be it payment of medical bills or telephone bills, online payday loans help you get through these financial hazards.

The process of getting payday advance loans is very simple. The repayment of payday loans is also easy and trouble-free. Once the borrower gets paychecks for next month, the principal cash loan along with interest can be returned to the lender. You may either opt to apply online or submit a form to the lender. Online payday loans have become one of the most feasible means of meeting up urgent expenses today.

Definition of loan

What is a loan?

A loan is the the temporary provision of money (usually at interest). It is derived from the following meanings:

  • lend: give temporarily; let have for a limited time; “I will lend you my car”; “loan me some money”
  • loanword: a word borrowed from another language; e.g. `blitz’ is a German word borrowed into modern English

Definition of loan

A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time. The borrower initially receives an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt.

But a loan can also be

A loan which is technically in default but under which the lender (mortgagee) is attempting to assist the borrower (mortgagor) in restructuring the terms of the loan or the time of repayment rather than proceeding with foreclosure.