Payday loan is a temporary, short-term loan provided for urgent and unexpected financial expenses. Payday loans are used for medical expenses, payment of bills and car repairs and for other urgent financial responsibilities. This kind of loan is sometimes referred to as cash advances loan, small dollar loan or payroll loan.
Payments are usually withdrawn from your bank account. Typically, borrowers repay this kind of loans on their next payday. This type of loan carries a higher APR when compared with the usual long-term loans. But at the same time, decision is taken very quickly, the process requires very few credit checks and the borrower receives his much-needed funds on the same day.
There are two basic mechanisms for obtaining a payday loan: the classical method of getting cash "in-store" and the modern online method – applying through the internet (for example, through our service Payday Loans Help).
When applying online, you won’t need to leave your home and spend your precious time on offices. Your identity and source of income are the only things that will be verified. In most cases, you’ll receive the funds in your bank account on the same day. You will be informed within minutes whether your application has been approved or refused.
The size of the payday loans online depends on your needs. When applying, you indicate the required amount. The minimum loan is $100, while the maximum is $1,500.
It is very important to repay your loan as soon as possible. Doing so would enable you save costs. If you weren’t able to repay your loan before the stipulated deadline, you will be charged additional fee, which may seriously affect your financial stability.