Typically, payday loans are funds that you can borrow from a financial institution and return them within two weeks. The amount that you can obtain ranges somewhere between $ 1000 and $1, 500. You can term it as a paycheck advance, short-term loan, bad credit loan, cash advance, or fast loan. If you are in an emergency or have a poor credit score, you can access the loan seamlessly. Let’s explore the benefits and demerits of the loan in detail.