Pay day loan is a short term fund provided by the banks. This kind of a loan would help you meet your unexpected emergencies or unexpected bills in the middle of the month. The period of repayment is usually 2 weeks, however you can extend the duration if it’s needed. Pay day loan is easy to get with a minimum requirement of job more than six months and a minimum of thousand dollars income.

There are advantages and disadvantages with this time of loan and few are detailed below :-