First let’s outline what a payday loan is.
Payday loans are a type of debt individuals obtain from short term lenders. These lenders provide the loans usually for about two to three weeks at which time the total amount, plus a fee is due to be paid back.
The problem with this type of debt is that many people find it difficult to get back on track and repay the debt in full with their next paycheck and many people end up re-loaning. Read more