What exactly is the definition of payday loans? If you're searching for short-term solutions to your financial problems, these loans are best for you. The agreement for the duration of the financial loan usually covers one or two weeks. Once the next paycheck is still days or weeks away, you could take this choice to get some money. Folks choose payday loans in order to address financial needs which comes all of a sudden. The process of payment when it comes to payday loans is thru salary deduction that is the amount of loan together with processing charge. This serves to be a great option to handle whatever fast cash needs you need to secure.