Payday Loans are sometimes also known as payday advance loans, payroll loans, salary loans, short term loans, cash advance loans and small dollar loans. These loans are just small unsecured loans that are utilized for a short term. These loans are usually borrowed a few days or a week before your payday and they you pay them back in full on the date that you get paid. These types of loans can be given by different businesses, banks or even your company. The purpose of payday loans are to basically to help you make it threw to your next payday.