In the past few years, advertisements for payday loans are popping up everywhere, on store signs, in newspapers, on billboards, and especially on the Internet. Some payday loan companies advertise by direct mail, so you may even see ads arriving in your own mailbox.
Sometimes they’re called cash advances, payday advances, check loans, or even post-dated check loans, but all of those terms mean essentially the same thing, a loan to carry you over until your next payday. While you’ve seen the ads, you may not know what payday loans are, how they work, or how to go about obtaining one.
A payday loan is a short-term loan, generally for 14-30 days, that is paid back by writing a post-dated check, or agreeing to an electronic withdrawal, to be deducted from the borrower s bank account on their next payday. Borrowers may be eligible for loans of anywhere from $100 to $1,000, depending on the lender s policies and the borrower s income. Just like every other type of loan, there are advantages and disadvantages to this type of borrowing.
On the plus side, payday loans are easy to apply for, and easy to get. Borrowers are asked to …
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