PAY DAY LOAN
A payday loan is meant as a short term loan to solve a short term cash crunch. This could be due to an illness or other emergency which is not expected to be long lasting. When you need cash now, but your pay day at work is still too far away, a payday loan can be the answer to your problems.
Payday loans are short-term cash loans based on the borrower's personal checks held for future deposit or on electronic access to the borrower's bank account. Borrowers write a personal check for the amount borrowed plus the finance charge and receive cash. In some cases, borrowers sign over electronic access to their bank accounts to receive and repay payday loans.
Lenders hold the checks until the next payday when loans and the finance charge must be paid in one lump sum. To pay a loan, borrowers can redeem the check by paying the loan with cash, allow the check to be deposited at the bank, or just pay the finance charge to roll the loan over for another pay period.
These loans can be expensive so we recommend that you use them for short term needs as long as you have a plan to pay them back within a reasonable time period. You will see ads for low cost loans, cheap pay day loans and others. You are often charged interest for the short time period of time. So you need to extrapolate to an annual interest amount to see what rates are really being paid. Again these loans can save the day, but look to repay them as fast as you reasonably can.
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