Payday Loan
A payday loan is a small, short-term loan, ranging from $100 - $1500. It gives an alternative, so the consumer doesn't have to borrow money from family and friends, deal with bouncing checks or give his/her personal property as a security deposit.
Consumers prefer payday loans to face small, unanticipated expenses while avoiding costly bounced-check fees and overdue payment penalties.
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HOW IT WORKS
The borrower writes the lender a check for the sum of the loan plus the lending fee.The lender gives the borrower the requested advance and the borrower consents to repay the loan on the next payday.
On payday, the borrower has the option to pay the loan amount plus the money charge, or in a number of cases, expand the loan by paying just the finance charge and writing a new check.
