A payday loan has many names. Some call it a cash advance loan. Some call it a check advance loan. Another name is a post-dated check loan. Still others call it a deferred-deposit check loan. The Federal Trade Commission in the U.S. calls it "costly cash". No matter what you call it, it’s the same thing: a small (usually $50-$500) short-term loan with high interest. A payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday.

Have you ever been burdened with an unexpected expense, like a big car repair bill? How have you handled it? Do you use your credit card and pay for it, including interest, over a period of time? But perhaps you don’t have a credit card. Or maybe you’re one of the millions of people who carry too much debt, and have already "maxed out" your credit card. Do you have friends to borrow from? Most of us don’t like to do that – and most friends don’t like that, either. So what do you do? Well, you could get a payday loan.

What are the benefits of payday loans? Let’s see:

• You won’t have to go through the hassle of a credit check.

• You can apply in person, on the phone or on the Internet.

• The process takes less than 20 minutes.

• The loan proceeds are automatically deposited into your bank account within 24 hours.

• It’s affordable, at least immediately – you don’t have any up-front costs.

• It’s discreet – nobody else is involved.

• It’s secure – your financial information isn’t shared with others.

Ok, that makes sense. Those are enough reasons to get rid of the stress of being short of cash. It’s a "quick fix". You can cover the shortage, and get on with your life. And you’ll be able to pay it back next payday, right? So you’ve solved your problem.

These companies are in business to "help" those in dire financial need. They offer these loans to people who can’t find the money they need anywhere else. Let’s profile one company who offers payday loans as part of their overall financial services business – Money Mart.

Money Mart was created as an alternative to banks. Their hours would extend beyond banking hours, and they’d situate themselves in more accessible locations than banks. They could cash checks when banks were closed, and people wouldn’t have to travel very far for their services. They must have been on the right track because now, they have 1,700 locations in Canada, the U.S. and the U.K.

A typical Money Mart customer is an average working person, 32 years old (82% of customers are under the age of 45) and employed, with an annual income around the national average. These customers go to Money Mart because of their fast service, their convenient locations, and their extended operating hours. The founders of Money Mart were right – their original ideas still hold true today.

Since adding payday cash advances to their financial services, they’ve carved themselves a very nice niche in the industry. But they’re definitely not the only choice. You can now find at least one, and usually several, payday loan centers in every community