Payday loans are a type of short-term loan that can provide quick access to cash in emergency situations. They are often used by people who need to cover unexpected expenses or who are struggling to make ends meet until their next paycheck. However, payday loans are also known for having high fees and interest rates, and they can quickly lead to a cycle of debt if not used responsibly. How Payday Loans Work Payday loans are a type of short-term loan that provides quick access to cash in emergency situations. Unlike traditional loans, payday loans are designed to be fast and easy to obtain, and they typically require very little…