Payday loans, or cash advance loans, are short-term loans that use a personal check to be held for future deposit in exchange for immediate cash. Borrowers write the check for the amount to be borrowed plus the finance charge. Lenders will hold the check until your next payday, when the loan amount and fee must be paid in a lump sum.
If you cannot pay the entire loan amount, you can pay the finance charge only and roll the loan over for another pay period. Another finance charge will be applied to the amount.
The borrower can redeem the check for cash or allow the lender to deposit it in order to pay back the loan.
The loan amount ranges from $100 to $1,500, and the term is usually two weeks. To qualify, you need a bank account in good standing, identification, and a steady source of income. The lender does not conduct a full credit check or verify your ability to repay. Online payday loan lenders can often qualify in one minute!
The big drawback of payday loans is the fees. Charges range from $15 to $30 to borrow $100 for a two week loan. Every time you roll a loan over to another pay period, you may pay more fees.
Understand that if you...
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