Payday loans are loans designed to be taken out over a short period of time. Typically, they are advertised as a means to fund unexpected purchases that arise a few days before the end of the month. Unlike traditional personal loans they are arranged over days rather than years, so can be used as a stop gap until your wages arrive.
The majority of payday loan lenders have to follow a Good Practice Customer Charter, as well as certain rules set out by the Financial Conduct Authority (FCA). If a payday lender doesn’t follow the rules, customers can make a complaint and may be entitled to a refund