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Payday Loans are cash advances. They can be bought either online or in a local shop. They provide cash in a short time to borrowers until their next pay is received in the mail. Borrowers use their banks' accounts or credit cards as collateral. Lenders may charge higher interest rates and charges for borrowers who fail repay the loan by the due date. Lenders may require applicants with poor credit histories or none whatsoever.

2. Payday loans come with their own consequences.

The terms and conditions of the lender will determine the consequences of the payday loan. Some borrowers don't even realize they're being paying high interest rates and fees until they have completed the contract. Certain people could be caught in a vicious cycle of debt if their loan isn't paid off prior to the time they receive their next paycheck.

3. Alternatives to Payday Loans

The payday loans aren't the ideal choice for those who need cash fast. People can use a variety of low-cost, free alternatives to handle financial emergencies. One possibility is an individual savings account. Secured credit cards are an alternative. A third is an unsecured small business loan.

4. Resources for More Information

To learn more about payday loans and how to avoid them, visit the Federal Trade Commission website at www.ftc.gov/paydaylending. To learn more about alternatives to payday loans, visit the Consumer Financial Protection Bureau website at www.consumerfinance.gov/learnmore/alternatives-to-payday-loans/.

1. What exactly is a payday loan?

Payday loans are short-term, non-secure loan for people who are in requirement for cash in a hurry. Payday loans may also be known as "cash loans" or "short term loans". They are popular with people who require cash fast, and who have exhausted their personal resources.

2. What is the best way to get a payday loan?

You can apply online anytime of the day or night. You'll need to fill out an application. Once you have been approved, you will be granted a cash advance within a couple of minutes.

3. Can I get a payday loan if I am unemployed?

Yes! Many companies offer payday loans to those working. They may require that your job has been cut off in the last few days. Payday loans are a great alternative if you want to repay your debt without losing your job.

4. Do I have to pay my advance payday?

No. A payday loan is not considered to be a financial obligation that is long-term in nature. Though repayment terms differ depending on the lender, many lenders will let borrowers defer repayment until they have found employment.

5. Is a payday lender costly?

Payday loans range from $50 to $500 per month. Lenders can offer interest rates as high as 1000% up to 300%.

6. Are payday loans legal?

Payday loans may be considered illegal in some states. Make sure you are aware of the laws in your state before applying for the payday loan.

7. What happens when I have taken out payday loans?

You must repay your loan on the due date after you have received your cash advance. Additional fees and charges will be added to the balance of your loan If you fail to do this.