A payday loan is a short-term, high-interest financial product designed to provide immediate cash relief to individuals facing urgent financial needs. These loans are typically unsecured, meaning borrowers are not required to provide collateral, and are often targeted at individuals with limited access to traditional credit sources such as banks or credit cards. Payday loans are appealing for their convenience and speed. Many lenders offer quick approval processes, sometimes within minutes, and funds are often disbursed the same day. Borrowers are usually required to provide proof of income, a valid ID, and a checking account. The loan amount is generally small, ranging from $100 to $1,500, depending on the borrower’s income and the lender’s policies.