Payday loans are the solution for people that have been turned down for a loan from the bank or other traditional lender. Payday loans can help a person handle an emergency such as their car breaking down or other serious need. A person will work out terms with the lender. They will be able to pack back this loan when they get their paycheck. Some lenders will even allow a person to make several payments on the payday loan until the balance is paid off.