Payday loans are short-term unsecured loans that can get you instant cash with no credit check. As the loans are unsecured, you do not need collateral to borrow money. However, you must pay back the loan with interest by your next payday in a lump sum. Payday loans can offer up to a few hundred dollars in between your paydays.
To approve a payday loan, lenders ask for your income details and bank details. Once the details are verified, you can get the cash instantly. Also, lenders ask for your signed checks to recover the loan with interest on your next payday. Lenders of payday loans do not offer any payment flexibility, so you are required to repay the loan quickly, which is usually in two weeks.