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Payday loans are a short term borrowing product designed to help you manage money on occasions throughout the year when unexpected expenses mean your usual budget isn’t sufficient. You borrow a small amount of cash and repay it, with interest, on your next payday or over several paydays. Payday loans are high cost credit which means they are not the cheapest borrowing option available, however there are many people who aren’t able to access mainstream credit and therefore they can be one of the only options for some people. Until the overdraft reform last year, payday loans were in fact cheaper than unarranged overdrafts.