What is a Payday Loan?

Payday loans are known by many names. they are called cash advances, payroll advances, deferred deposit loans, pay day advances and paycheck advances, post dated check loans and so on.

The idea behind Payday loans and other terms stated above is same. These are all short term loans that become due on your next salary or pay check. normally the length of loan is shorten than a month.

payday-loan

Lenders charge you a small fee in exchange of few hundred or thousand dollars they lend you till your next payday. They are normally most expensive form of borrowing but can save you in time of dire need.

Most lenders, located near your place of business or residence, require a physical verification of your identity and ability to pay back as security for their pay day loan.

Online payday loan providers are bit different. They simply get authorization from ACH (Automated Clearing House) to secure their loans. It is a process very similar to the one used by your employer to deposit your paycheck in your account each week or month.

Online payday loan companies are better and more efficient as they save you the trips to banks or other places where physical pay day loan lenders do business.

In each state there are many companies that can provide cash advances. You should use the search box below to look for a pay day loan provider in your state.

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