Payday Loans

Payday Loans For Quick Cash

Payday loans, check cashing, payday loan services or paycheck advances are small, short term loans usually around $500 to $1,500 that are for the purpose of making a bridge for the borrower’s cash shortage between paydays. These kind of short term loans are also known as cash advances. However, this term can also refer to cash provided against a line of credit such as a home equity loan or credit card.

Payday loans are typically given in cash and secured by the borrower’s post-dated check that includes the original loan amount and interest. Don’t forget the interest. The pay off date usually coincides with the borrower’s next payday. On the maturity or pay off date the lender processes the check in the traditional way or through electronic withdrawal from the borrower’s checking account if the borrower does not first repay the loan in person.

Those who give payday loans usually operate small stores or franchises in strip malls, but large financial service providers also offer variations on the payday loan advance. Some largeer banks offer a “direct deposit advance” for customers whose paychecks are deposited electronically. When a consumer requests a direct deposit advance, they receive a predetermined, small cash advance. On the next direct deposit into the consumer’s bank account that advance amount is removed by the bank plus a fairly large fee (interest wise) for the advance (usually around 10-20%).

Income tax preparation companies including H&R Block usually partner with lenders to offer “refund anticipation loans” to filers. However, these are not exactly the same as cash advances or payday loans because they are not paid for with an interest payment. But you do pay to have your taxes prepared.

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