Payday loans are also called “cash advance loans,” “check advance loans,” “post-dated check loans,” or “deferred deposit loans.” But they all pretty much mean the same thing.
In the case of online companies, you apply for a loan through 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.
But there are some facts you need to be aware of.
You won’t see these in the ads for payday loans. And you may have to search the “fine print” on the company websites to find them. I call them the Five Hard Truths About Payday Loans.
Hard Truth #1:
A payday loan will not solve all your problems
Remember, it’s just a short-term loan. And the quicker you can pay it back, the better. Don’t keep rolling over the loan and racking up the fees.
But...
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