We have all had situations where the money needed to stretch longer than usual to make ends meet at the end of the month. Be it because of an unpredictable medical situation or an unexpected repair on your house or car, or even because of an error of judgment or a miscalculation, these things, although not pleasant, are a reality in many households.

Covering that gap between the end of the money and the end of the month are payday loans. We surely remember, either from our older relatives or from old movies or television shows, that people used to be able to get an advance on their paycheck directly from the employer. Nowadays this is rarely possible, since the modern workspace has organized accounting that doesn’t allow for this sort of creativity. Banks, however, in the form of payday loans, have stepped up somewhat and offered a similar option. A bank can advance you next month’s paycheck at any time in the previous month. You will, of course, have to pay interest on that loan, as in any other, but since it’s usually a small amount owned and they’re sure that that money is coming into your bank account every month, the interest rates tend to be much softer.