To be more specific, payday loans are nothing but a kind of loan, which is offered for an individual based on his or her monthly or weekly income. When you fail to pay the loan at least for a day, it becomes as a due for the next day. The company offering you this loan will hold your cheque requesting for a particular amount until you have paid off the due amounts. Make sure that you have gone through the guidelines of this payday loans correctly, as there are some disadvantages as well.