payday loans are just small loans which you can use if you find yourself out of money temporarily. These loans are provided in modest money amounts with a short term repayable period of about two weeks, in most cases. Payday loans are unsecured and best used for covering temporary cash gaps. If your car breaks down unexpectedly, for example, you might find yourself really struggling to finance the repair bill. Taking a payday loan in this case is one of the ways in which you can cover such an emergency expense.