India, Feb. 28 -- Payday loans can be an easy option for working professionals who need money in a hurry.

These are short-term, unsecured loans which are for urgent money requirements until the borrower's payday comes, meaning that it is an advance on wages.

As a result, the loan amount is often proportional to the wages. The tenures are usually short and can last between two weeks and a month or until the next payday.

However, the catch is that they also usually come with a higher rate of interest, making it essential for borrowers to carefully understand all the terms and conditions before applying for one.

Payday loans can be obtained from a lender branch or on the internet. Usually approvals are instant and documentation is also m...