A payday loan or a cash advance loan is a loan you can take out for a short period of time. Just like any other loan, you pay a fee to borrow the money. The big difference is it must be paid back in a short amount of time – like a week or two.

A payday loan or cash advance loan can be very expensive. Before you get one of these loans, consider other ways to borrow money such as:

• From family and friends
• Bank or credit union
• Your credit card
• You may even want to see if you can bargain with whoever you owe to give you a little more time.