What is a Payday Loan
A payday loan also referred to as cash advance loan is an unsecured short term loan meant to assist those who urgently need access to cash. These loans range from $100 – $1500. It provides a way for the individual in urgent need of cash to borrow money regardless of his/her credit history.
Many individuals use payday loans when faced with unexpected expenses or stuck in a situation such that urgent access to cash is required. Payday loans then provide a way to meet these challenging situations.
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How Does it Work
The individual borrowing the funds makes a check payable to the moneylender for the amount equivalent to the total funds and the lending or process fee. The lender will then provides the advance funds to the borrower and in return the borrower agrees to pay back the funds on next payday.
When the next payday comes, the borrower can choose to pay the borrowed funds and the money charge or alternatively, in some cases, pay just the loan charge and expand the loan.