What Is A Pay Day Loan?
A
payday loan is a small, short-term loan
that is intended to cover a borrower's expenses until his
or her next payday without a credit check. Typical loans
are between $100 and $1500, on a two-week term.
It’s
a quick solution for anyone who is facing a financial crisis.
Our
loans are automatically funded and repaid – so
it’s important to only borrow what you can pay back.
We are a safe and secure lender, offering you private and
confidential loan options.
How payday loan works
-
You
fill out an application and provide the lender with items
such as paycheck or pay stubs .
-
You sign
a loan agreement, write a postdated check to the lender,
and receive your money.
-
Your check is held until your
loan payment is due - usually two weeks. The lender then
deposits your check
- unless you have replaced the check or have
already repaid the loan.
The loan agreement that you are required to sign is a legal
document that obligates you to repay the loan. It also sets
forth a lot of important information. Be sure to take note
of the following items:
Amount Financed: The amount of credit provided to you or
on your behalf. (This is typically the amount of cash you
will receive.)
Finance Charge: The dollar amount the credit will cost you,
or the amount of interest you pay for receiving the credit.
Annual
Percentage Rate (APR): The cost of your credit as a yearly
rate. Because these loans are small, short-term
transactions, the APR is typically quite high.
Total
of Payments: The amount you will have paid after you have
made all payments as scheduled.
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