A payday loan is a short-term, high-interest loan typically designed to cover expenses until the borrower’s next payday. It’s usually a small amount of money borrowed at a high interest rate.

Borrowers receive a short-term loan with the agreement to repay the amount, plus interest, on their next payday. The lender often requires a post-dated check or access to the borrower’s bank account for repayment.

Eligibility criteria vary, but common requirements include a steady source of income, a checking account, and proof of identification. Some lenders may also require a minimum credit score.

Loan amounts vary, but they are typically small, ranging from a few hundred to a few thousand dollars. The amount you can borrow may depend on your income and the laws in your state.

Many payday lenders do not require a high credit score for approval. However, they may still consider your ability to repay the loan based on your income and other factors.

Yes, alternatives include personal loans, borrowing from friends or family, negotiating with creditors for more time, or seeking assistance from local community resources.