PayDay Loan - What is it?

A payday loan may be the fastest way to get instant cash advance... and it may be the easiest... but payday loan can also be the most infavorable of all loans...

What is Payday or Cash Advance Loan?

The name says it all - these are short-term loans that are given till the next payday or for 15 or 30 days in up to $1000 cash and for a one-time fee.

Other names for payday

This type of a loan has many names such as payday cash advance, cash advance loan, check advance loan, post-dated check loan or deferred deposit check loan. No matter what you call it, it comes down to one thing: getting instant cash advance.

Where to get it?

You have two choices - get it online or get it in person. In most payday outfits you would get the same day instant payday loan right after you fill in the application. For the nearest location check your Yellow Pages. ...Or if you can wait till next day then you could get it online - look up payday loan online.

What are minimum requirements to get this loan?

On average, the lenders will require you to meet these requirements:

• You should have an active checking account that is at least 90-days old
• You must be currently employed or receive recurring income regularly
• Your account statement should show a minimum monthly deposit of $1,000 from your payroll or $800 if on a fixed income
• You must be at least 18 years of age
• You must be reachable by phone
• Your place of employment must be verifiable
• You should not have outstanding payday loans
• For online only: your paycheck is direct deposited into your savings or checking account

How much are loan fees?

To give you a quick idea ... expect your fees (or finance charges) to be around 20% of your cash advance amount. For $100 loan it is $20, for $700 it is $140. To pay off your loan in 15 days you'll need $120 and $840 respectively.

If you cannot pay it you can get several extentions but for each extention you may be charged an additional fee.

You may shop around for cheap cash loans but the truth is that even a lower fee loan is far from being cheap.

More common questions

Can I get a payday loan without a checking account? The answer is No but...

Can I get a payday loan with no credit check? The answer is Yes but...

What are alternatives to payday?

People usually go for this type of loans when they've already explored all other options... but just in case if you haven't yet we want you to read about the alternative ways to get the cash you're so desparate for... and/or to help to prevent this from happenning in the feature, and about the risks of payday advances.

Bad Credit?

Most payday places won't check your credit - so even people with bad credit can get this loan with no trouble. See bad credit payday loan for details.

Also See:

Payday Loan FAQ - part 1 - Applying for a loan
Payday Loan FAQ - part 2 - Getting your cash
Payday Loan FAQ - part 3 - Paying off your loan

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