Short-Term, Small Loans: Payday loans are typically small-dollar loans, often less than $500, designed to cover immediate financial needs until the borrower's next payday.

Quick Access to Cash: Payday loans are known for their speedy approval process, with funds typically disbursed on the same day or within hours of application.

Easy Qualification: Borrowers can usually qualify for payday loans with minimal credit checks, making them accessible to individuals with poor credit or no credit history.

State Regulations Vary: The legality and terms of payday lending are subject to state regulation, leading to significant variations in rules and restrictions across the USA.

Online Lending: In addition to physical storefronts, many payday lenders operate online, offering digital access to these high-interest loans.