A payday loan is a small, short-term loan. The loan will typically be for a few hundred dollars and the loan term will be one to four weeks, until the borrower’s next payday. It is an unsecured loan, meaning you do not need to put up any collateral.
Payday loans are also called “check advance loans,” “cash advance loans,” “post-dated check loans,” or “deferred deposit loans.” The idea is that the lender gives you an advance against your next payday check. When payday arrives and your pay is deposited to your checking account, the lender debits your account by the amount of the loan plus the loan fee.
Many cities have payday loan offices and you’ll find plenty searching on the Internet. If you’re approved, the money is wired overnight into your checking account. The loan is usually for one to four weeks — until your next payday.
When the loan is due, the company takes the amount you owe — plus a fee — out of your bank account. You can “roll over” the loan to the next payday, but you have to pay another fee.
What stops most people from getting a payday loan...
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