A payday loan allows consumers to borrow up to $1000, depending on their states laws and the consumers monthly income. Payday loans are intended to be short-term loans, helping get through a financial emergency until your next payday. Online payday loan companies add convenience to the process.
Payday Loan Process
Once you have found a payday loan company, you will need to fill out an application that includes your contact information and monthly income. You will also need to work out a repayment plan. If you use a traditional payday loan store, you will need to write a postdated check that the lender holds onto. Online payday loan companies will deduct the payment from your checking account automatically.
When your application has been submitted and approved, you will receive your cash advance. A traditional lender will issue you a check, while online companies wire the funds to your checking account. Your repayment will be due on your next payday, or you can extend the loan for longer by paying additional fees.
Payday Fees
Payday loan lenders charge fees just like any financing company. Fees include a process fee and interest. To make...
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