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In an economy like this, it doesn't take much to derail a person financially. A large majority of people are barely making ends meet, and a very large percentage of people are living paycheck to paycheck. Even the smallest financial hiccup can wipe out a person's savings when they are living paycheck to paycheck. Luckily, there is help for a person that gets caught in a pinch.

Most people that get caught in a financial rut qualify for a payday loan to help them get out of their situation. What are these types of loans? These loans are very short term loans that can be used for practically anything. They have a higher interest rate than standard loans, and typically need to be paid back within two to four weeks. All a person typically needs to get a payday loan is proof of employment and a valid checking account.

People can get payday loans in one of two ways. A person can apply online on one of the many websites that specialize in them, or a person can apply in person at a brick and mortar retail store. Both have advantages and disadvantages. Online payday loans are definitely more convenient, as a person doesn't even have to leave his or her house to apply. The paperwork can be completed online from the comfort of one's home. The disadvantage is that it can take 24-48 hours to get the funding deposited in one's account. A person who applies for a loan at a retail store, however, can usually get the cash as soon as the paperwork is done. The disadvantage to this is that a person has to make a special trip to the store to apply for the loan, as well as to pay it back.