A payday loan or paycheck advance is a small, short-term loan that is intended to cover a borrower's urgent expenses until their next payday. Typical loans are between $100 and $1500 and are usually on a 2 week term.
Payday loans and cash advance provide a service that is not available from many national banks. Many banks do not offer small, short-term loans and these payday loans fill a niche in the economy.