What is a payday loan?
A payday loan is designed to be used for short-term financial needs. The due date will be your next payday (up to 21 days). It is not a solution for longer term financial problems for which longer term financing may be more appropriate. Payday advance fees are, however, lower than many of consumers’ alternatives. In comparison, when expressed as APRs for 14-day terms: • $100 payday loan with $30 fee = 782.
A payday loan is designed to be used for short-term financial needs. The due date will be your next payday (up to 18 days). It is not a solution for longer term financial problems for which longer term financing may be more appropriate. Payday advance fees are, however, lower than many of consumers’ alternatives.
A payday loan or cash advance is a quick and convenient way to bridge your cash needs between pay days. This is a short-term cash management tool and not intended for financial problems that consumer credit counseling would resolve. Payday loans require a post dated check issued by you and is held until your next payday. There are several payment options to choose from once the due date arrives.
