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How a PayDay Loan Works

Usually, a borrower writes a personal check payable to the lender for the amount he or she wishes to borrow plus a fee. The check casher or payday lender agrees to hold the check until your next payday, effectively cash til payday. The company gives the borrower the amount of the check minus the fee. Fees charged for payday loans are usually a percentage of the face value of the check or a fee charged per amount borrowed - say, for every $50 or $100 loaned. And, if you extend or "roll-over" the loan - say for another two weeks - you will pay the fees for each extension.

Under the Truth in Lending Act, the cost of payday loans - like other types of credit - must be disclosed. Among other information, you must receive, in writing, the finance charge (a dollar amount) and the annual percentage rate or APR (the cost of credit on a yearly basis).

A cash advance loan secured by a personal check - such as a payday loan - is very expensive credit. Let's say you write a personal check for $115 to borrow $100 for up to 14 days. The check casher or payday lender agrees to hold the check until your next payday. At that time, depending on the particular plan, the lender deposits the check, you redeem the check by paying the $115 in cash, or you roll-over the check by paying a fee to extend the loan for another two weeks.

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up to $1500	$10/$100	OK	OK	NO	1 Hour	PaydayLoanIn1-Hour
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Most financial institutions will turn away people with a negative credit history. One of the appeals of payday loans is that almost everyone is approved for them as long as you are employed. Furthermore, most online payday loan companies approve people fast -- usually within 24 hours, some even do it instantly, even if you have bad credit.

Repayment of a Payday Loan

Once you've recieved your payday loan, you should try to repay it as soon as possible. Most online payday loan companies will provide some form of refund for doing so. If you aren't able to repay your loan by the due date, you can usually take out another loan to pay the outstanding amount on what is due, this is typically called a 'rollover'

Is A Payday Loan Right For You?

Before rushing out and filling in an online application form, you should make sure that you understand your own financial situation and the consequences of missing payments. Is a payday loan right for you? Consider the advantages and disadvanteges.

Here are some advantages:

• You won’t have to go through the hassle of a credit check.
• You can apply in person, on the phone or on the Internet.
• The process takes less than 20 minutes.
• The loan proceeds are automatically deposited into your bank account within 24 hours.
• It’s affordable, at least immediately – you don’t have any up-front costs.
• It’s discreet – nobody else is involved.
• It’s secure – your financial information isn’t shared with others.

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Disadvanteges:

The fundamental disavantage to payday loans is that you pay a huge amount of interest, relatively speaking on your loan. In most cases, you'd be better off using your credit card for a cash advance.

Is this REALLY a One-Time Emergency?

Most people turn to a payday loan because they need money for an emergency situation that has come up. Under normal circumstances, these people are usually able to make ends meet. If you are looking towards a payday loan so that you can pay back some bills, you should really think about what you're getting into. These type of cash advances can quickly turn into a trap, where you find yourself unable to pay your bills or loan interest, requiring you to rollover your payday loan.

Alternatives to Payday Loans

There are other options. Consider the possibilities before choosing a payday loan:

• When you need credit, shop carefully. Compare offers. Look for the credit offer with the lowest APR - consider a small loan from your credit union or small loan company, an advance on pay from your employer, or a loan from family or friends. A cash advance on a credit card also may be a possibility, but it may have a higher interest rate than your other sources of funds: find out the terms before you decide. Also, a local community-based organization may make small business loans to individuals.
• Compare the APR and the finance charge (which includes loan fees, interest and other types of credit costs) of credit offers to get the lowest cost.
• Ask your creditors for more time to pay your bills. Find out what they will charge for that service - as a late charge, an additional finance charge or a higher interest rate.
• Make a realistic budget, and figure your monthly and daily expenditures. Avoid unnecessary purchases - even small daily items. Their costs add up. Also, build some savings - even small deposits can help - to avoid borrowing for emergencies, unexpected expenses or other items. For example, by putting the amount of the fee that would be paid on a typical $300 payday loan in a savings account for six months, you would have extra dollars available. This can give you a buffer against financial emergencies.
• Find out if you have, or can get, overdraft protection on your checking account. If you are regularly using most or all of the funds in your account and if you make a mistake in your checking (or savings) account ledger or records, overdraft protection can help protect you from further credit problems. Find out the terms of overdraft protection.
• If you need help working out a debt repayment plan with creditors or developing a budget, contact your local consumer credit counseling service. There are non-profit groups in every state that offer credit guidance to consumers. These services are available at little or no cost. Also, check with your employer, credit union or housing authority for no- or low-cost credit counseling programs.
• If you decide you must use a payday loan, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday.

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