A payday loan is a fast, short-term loan which helps to meet a borrower’s unexpected expenses until the next payday. The loans are also sometimes called as cash advances as these loans are sanctioned on the basis of the customer’s salary and other financial details. As any other loan, this loan is also bound to certain norms and conditions and the laws governing payday loans varies widely between different countries and, within the USA, between different states. Some jurisdictions impose very strict restriction on payday loan lender, and charge nominal annual percentage rate; whereas some are liberal. There are various payday loan lenders. The loan process can be done through direct or retail lending; that is from lending store or through internet lending where the borrower has to submit the filled up application form through e-mail including the bank account details, employer information and so on and the money will be deposited in the account.