Payday Loans

Having grown up in a low income home I was very interested in reading up on payday loans, a service geared towards people that need extra funds in between paydays. How it works? You need a checking account and a regular source of income. When you apply, a date is agreed upon for you to pay the loan back. If you pay on the agreed date, that's it, you're done. If you default, finance charges will apply. I wish something like this existed when I was young when got tight.