What Do We Think About PayDay Loans?
A Payday Loan or Paycheck Advance is a small, short-term loan availed by borrowers to cover their expenses until the next payday. A loan ranges from $100 to $1500 for two weeks and interest rates up to 390-900% per annum. Payday loans are offered by banks or private credit companies and the military (to cope with the financial needs of soldiers). Borrowers are required to fill up applications provided by lenders. A loan agreement is signed by borrower and postdated checks are issued before borrower receives the money. The check is held until due date, then deposited in a bank.