What is a payday loan?
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A payday loan, also called a deferred deposit, is issued when a financial institution (a payday lender or check casher) agrees to provide cash in the amount of the customer’s next expected payroll check for a fee. These short-term loans are required by state law to be paid in full before another one can be issued, and customers may not have more than two payday loans totaling $500 at a time. Internet payday lenders are not regulated in the state of Kentucky and are therefore illegal.
A Payday loan provides you with a short-term cash advance until your next payday. Individuals like you often choose payday loans to cover small, unexpected, expenses and to avoid costly bounced-check fees or late payment penalties and other less desirable short-term credit options. You will need to be employed, have a permanent address, and an active checking account. See “What are the requirements for approval”. A payday loan may also be called a Payday Advance or a Deferred Deposit Loan.
A payday loan is a short term loan given to people who currently have a job, yet need extra money to pay bills. The loan is due typically within 14 days, however each lender is different and can format their plan to fit your needs. Payday loans allow you to receive money when needed to avoid penalties and late fees.
