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Payday Loans Online
Short-Term Cash Need
A payday loan is a type of short-term borrowing where an individual borrows a small amount at a very high rate of interest. The borrower typically writes a post-dated personal check in the amount they wish to borrow plus a fee in exchange for cash. Payday loans are short-term cash loans based on the borrower's personal check held for future deposit or on electronic access to the borrower's bank account. Borrowers write a personal check for the amount borrowed plus the finance charge and receive cash. If you need to borrow $300 from a payday lender, you pay a fee, usually $20 per $100 that you borrow. So you write a check to the payday lender for $360. At the end of the two weeks, if you're like most people, you have to roll the loan over and pay another $60.