Payday loans are basically an advance against your next paycheck. You give the payday lender your pay stub as proof of income and tell them how much you want to borrow. They give you a loan for that amount, which you're expected to repay when you receive your paycheck, along with the payday lender's fee of at times up to 400% in interest. A great alternative or solution for desperate times would be to consult with a collateral loan lender that will offer cash in exchange for something of yours that is of value. When paid back, the pawnbroker returns the item. However, when the borrower doesn't pay back on time, the pawnbroker owns the item and tries to sell it for a profit. None the less, pawn shops will often extend contracts and work with the customers, where the payday advice model continues to debit your account whether or not the money is there, therefore, posing a higher risk. Learn more here!