Payday loans are small loans, typically under $1000, that are provided to consumers to hold them over until their next pay day. These unsecured loans have short terms, and typically require repayment with a couple months of the loan approval. The money provided can help to cover unexpected medical bills, car repairs or other bills that have been incurred while in between paychecks. Payday loans are available to anyone, regardless of credit history. Typically, the only requirement is that the consumer is currently employed and has a valid bank account.