The title says all of it: a payday mortgage is aimed at tiding you over with an unexpected invoice or cost and the purpose is to pay it all again as soon as you're paid your self. Consider the examples below to see how the mathematics plays out in favor of non-public loans. Payday loans are designed to be quick time period loans of £one hundred to £1,000 that - as their identify suggests - are designed to tide you over to the next payday.