Need some cash advance until your payday?
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Definitions
A payday loan or paycheck advance is a small, short-term loan that is intended to cover a borrower's urgent expenses until their next payday. Payday loan may also be referred to as a cash advance, payroll advance, paycheck advance, payroll loan, or paycheck loan.
Payday Loan Fees
Most borrowers apply for a small cash loan, usually in the range of $100 to $500 with payment in full due at the borrower's next paycheck (usually a two week term). Charges on payday loans are typically in the range of $15 to $30 per $100 borrowed.
Online Payday Loans
To get an online payday loan, a consumer typically fills out an online application form. The loan is deposited into the consumer's checking account and loan payment or the finance charge is electronically withdrawn on the borrower's next payday. Most frequently requested payday loans are $500 worth.
Applying and qualifying for a payday loan is quick and easy, and in many instances there are no documents to fax. Once borrower is approved, the payday loan is electronically deposited directly into the applicant's checking or savings account.
Flexible payment options and discrete service can get you the cash you need right now. It's real easy!
Customers choose payday loans to cover small, unexpected expenses as an alternative to costly bounced-check fees and late payment penalties.
Payday Loan Industry Overview
The Payday loan industry has an annual loan volume of more than $28 billion a year. It is a fast growing industry. Estimates from the year 2000 put loan volume at between $8 and $14 billion, indicating that the market has more than doubled in size in 6 years.
Read more about different loan types:
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower. The borrower initially receives an amount of money from the lender, which they pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt. A borrower may be subject to certain restrictions known as loan covenants under the terms of the loan.
