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A payday loan is a small personal loan that requires repayment on your next pay date. These short-term loans can help you when you need extra cash for the next one to four weeks.

Because of their high interest rates, you should consider payday loans as emergency cash sources, not as regular additions to your wages.

While a payday loan is not secured by property as is the case with an auto title loan, your next paycheck backs the loan. Typically, online payday lenders collect electronic repayment directly from borrowers’ bank accounts.

You can arrange payday loans online through a matching service that works with a network of direct lenders. You can fill out a short loan request form on any of the reviewed websites, which they use to prequalify your loan. If you successfully prequalify, the service forwards you to a direct lender, where you can complete the payday loan application process.

The reviewed loan-matching services do not charge fees, and you don’t have to accept a loan offer. If a direct lender approves your loan and you e-sign the loan agreement, the proceeds will appear in your bank account as soon as today, but more likely on the next business day.

You must repay your loan lump sum on your next pay date. The interest rates on payday loans range from 300% to 700% or more. The cost is high, but the loan period is short unless you can’t repay on time.