Payday loans are short-term, high-interest loans designed to provide quick cash to individuals facing unexpected expenses. Typically, borrowers 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 to cover urgent bills or emergencies. While payday loans can offer immediate financial relief, they come with significant risks. The high-interest rates can lead to a cycle of debt if borrowers are unable to repay the loan on time. Many financial experts recommend exploring other options, such as credit unions or personal loans, before considering payday loans.