how payday loans work
payday loan providers will normally require you to show proof of your income usually your pay stubs from your employer they will then lend you a portion of the money that you will be paid you will have to pay the loan back within a short time generally 30 days or less 1payday lenders take on a lot of risk because they don t check your ability to pay back the loan because of this they normally charge very high interest rates for payday loans and they may also charge high fees if you miss your repayments this can be dangerous for borrowers because it can mean that you ll need to borrow more money to cover the cost of the first loan 