About Us
How Payday Loans Work
Application Process
Borrowers typically provide proof of employment and a post-dated check or authorization for electronic access to their bank account.
Loan Terms
Payday loans are usually for small amounts, ranging from a few hundred to a few thousand dollars.
High Costs
The annual percentage rate (APR) on payday loans can be extremely high, sometimes reaching triple digits.
Services
Short-Term Nature
Payday loans are designed to be short-term solutions, typically with a repayment period of two weeks to a month.
Small Loan Amounts
Payday loans usually offer relatively small amounts of money, often ranging from a few hundred to a couple of thousand dollars.
High Interest Rates
Payday loans are known for their high annual percentage rates (APRs). The APR can be significantly higher than that of traditional loans, often reaching triple digits.
Income Verification
Lenders usually require proof of employment and a regular source of income as a key criterion for approving payday loans.
No Credit Check
Payday lenders may not perform a thorough credit check, making these loans accessible to individuals with poor credit histories.
State Regulations Vary
Payday lending is subject to state regulations, and laws governing payday loans vary widely.