There are a few things you should be aware of with payday loans. Payday loans are small, temporary loans that typically have a two-week repayment period. Additional fees and penalties can apply if you are unable to repay the loan on time. Remember that payday loans might lower your credit score as well. Your credit score may decline by up to 100 points as a result of a missed or delayed payment. As a result, getting a loan in the future can be more challenging for you. Read more here