What Is A Pay Day Loan?

If you are short on cash, a pay day loan may be a quick way to help your situation.  Pay day loans are basically what they sound like: a loan of a small dollar amount. These are not supposed to be long-term loans; they are supposed to be paid back when you get your next paycheck.  The appeal is that it is usually quite a quick process to get approved, really under an hour and you can walk out with cash, check or pre-paid card. The only real downside is that the interest rate can be pretty high.  This is how the pay day loan companies make their profits; otherwise, they would not have the money to lend out! Be advised: you do have to give the company approval to either pull the money from your checking account directly or you can write them a check that they will hold until the day you both agreed on. 

There are a couple of types of pay day loans that can be paid back in several installments, but these obviously carry a much larger interest rate, since the risk to the company is higher that you will not pay as you are supposed to. Visit our paydayloans website to get more info about various loan plans.