Payday loan also known as cash advance , paycheck advance or payday advance is a small, short-term loan that is intended to cover a comsumers's expenses until his or her next payday. Typical loans ranges from $100 to $500, on a two-week term with interest rates 3 to 5 times the borrowed amount. According to research, consumers with bad credit or who cannot get a credit card, bank loan, or other lower-interest alternatives, find themselves with payday loan as the only option available for them. Most comsumers find themselves in a worse position when the loan is due than they were when they took the loan, with many getting trapped in a cycle of debt. Thus industry find it a highly profitable business model. And majority of its income comes from repeat borrowers who have difficulty repaying their loans on the due date and instead repeatedly renew their loans. And example of such industry is an Online Payday Loan, in which loans are marketed through web applications, e-mail, online search, and paid ads. A consumer fills out an easy online application form or what they call faxless cash advance applications with their needed personal information. Then borrowed cash is directly deposited into the consumer's checking account and loan payment or the finance charge is electronically withdrawn on the borrower's next payday. Its hassle free and all you have to do is sit back and relax.