A payday loan is a short-term borrowing option that allows individuals to access cash quickly, typically to cover urgent expenses. Borrowers usually write a check for the loan amount plus a fee, which the lender cashes on the borrower’s next payday. These loans are often used by people who need immediate funds but may not have access to traditional credit. While payday loans can provide quick relief, they often come with high interest rates and fees, making them expensive. Borrowers should be cautious, as failing to repay the loan on time can lead to a cycle of debt and additional financial strain.