So, the reason they are actually called payday loans and not bad credit loans is this - they must be repaid on the borrower’s next payday. It’s that simple. The arrangement is set up at the time of loan application, so choosing to apply for same day payday loans means you will absolutely know when your loan is due, and you will know how much money will be due on the date of your next paycheck. It’s all clearly stated in your cheap payday loan agreement.