What is a Payday Loan?
A Payday Loan is a loan that allows a customer to receive cash from a lender usually for a short period of time.
How Does it Work?
A Payday Loan works by allowing the customer to borrow money against their next paycheck usually from a direct lender, loan provider or other financial institution.
Who Can Receive a Loan?
Almost anyone with an active checking account, a checking account that can receive a direct deposit, and that has a job. Usually, a customer with these requirements can receive funds into their account very quickly.
Do I Need This Type of Loan?
If you need to cover unexpected expenses, such as a car payment, bill payment, utility payment, car repair, emergency household repair, groceries, or any other short-term financial emergency, a Payday Loan may be exactly what you need. Chances are, if you need money for ANY consumer purchase, debt or bill payoff, you may need a payday loan.
How Much Can I Borrow?
Since Payday Loans are loans of small amounts without credit checks, and are intended to help people manage short-term financial difficulty, it depends on your needs and the financial lender as to the amount you can borrow. Loan Providers can supply their customers with as much as $1500.
Types of Loans and Useful Information:
There are many different types of Payday Loans. Cash Advances and Payday loans are often called: check loans, personal loans, short term loans or payday advances. If you are unsure of the type of option that you need for your loan, please talk to a loan advisor. Payday Loans are intended to be repaid within the next pay period of typically two weeks to one month. Usually, an extension results in an additional fee. Most of the time, payday loans must be repaid before another one can be issued. As with every loan, a fee is added to the amount to be repaid, this fee or APR can change from day to day and equates to the annual percentage rate (APR).
