Payday Loans The payday loans are the short term loan given to the Americans to meet the emergency situations. They have to repay the loan in their next payday. They have the high interest rates than the normal loans and the loans are reasonable. You donít have to show any collateral as your next salary check is the collateral. If you are not paying the loan then you will be targeted for the next pay day. This type of the loan is restricted to the people working in the military as they have their own payday loan programs. There are different lenders offering different loan rates so itís better to compare the lenders online before taking the loan. This must be paid back within the specified date and they are also flexible with the repay dates but you have to repay the loan with the extra charges. There are also some advantages like some people say that the payday loans are very expensive and they are getting into debts for repaying the interest for the payday loans. Most of the people opt for the payday loan knowing that they cannot repay it on time and extend the date causing the heavier amounts to pay. The short term loan sometimes will lead to a worse situation. You can use the payday loans in an efficient manner so that you can be safe from getting into the bad credit history. It is important to choose the right company to offer the payday loan.