The Low-Down on Payday Loans
What are Payday Loans? Payday loans are also called cash advance loans. They are small (up to $700), unsecured loans-meaning you can borrow without any credit or collateral. These loans are paid to you quickly, usually instantly or within 24 hours, and due to be paid back with your next paycheck. These loans are popular with people with bad credit or no credit. Anyone who can prove a regular monthly income with pay stubs or bank records can get one. Sounds convenient, right? Let’s discuss the fees before you rush out to take out a loan for yourself. A payday loan -also called a cash advance loan - may seem like the answer for people with bad credit, but as with any loan there are pros and cons. While one the one hand you can get money quickly, on the other, they cost a lot. Still, they may be the only option for some people who need some e...