Payday loan

Payday loan

payday loan (also called a payday advancesalary loanpayroll loansmall-dollar loanshort-term, or cash advance loan) is a short-term unsecured loan, often characterized by high-interest rates.

The term "payday" in a payday loan refers to when a borrower writes a postdated check to the lender for the payday salary but receives part of that payday sum in immediate cash from the lender. However, in common parlance, the concept also applies regardless of whether repayment of loans is linked to a borrower's payday. The loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a prearranged line of credit such as a credit card. Legislation regarding payday loans varies widely between different countries, and in federal systems, between different states or provinces.

To prevent usury (unreasonable and excessive rates of interest), some jurisdictions limit the annual percentage rate (APR) that any lender, including payday lenders, can charge. Some jurisdictions outlaw payday lending entirely, and some have very few restrictions on payday lenders.

Payday loans have been linked to higher default rates.

What Is a Payday Loan?

A payday loan is a type of short-term borrowing where a lender will extend high-interest credit based on your income. Its principal is typically a portion of your next paycheck. Payday loans charge high-interest rates for short-term immediate credit. They are also called “cash advance” loans or “check advance” loans.

Payday loans charge borrowers high levels of interest and do not require any collateral, making them a type of unsecured personal loan. These loans may be considered predatory lending, as they have extremely high interest, don't consider a borrower's ability to repay, and have hidden provisions that charge borrowers added fees.

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As a result, they can create a debt trap for consumers. If you’re considering a payday loan, you may want to first take a look at safer personal loan alternatives.

The basic loan process involves a lender providing a short-term unsecured loan to be repaid at the borrower's next payday. Typically, some verification of employment or income is involved (via pay stubs and bank statements), although according to one source, some payday lenders do not verify income or run credit checks. Individual companies and franchises have their own underwriting criteria.

In the traditional retail model, borrowers visit a payday lending store and secure a small cash loan, with payment due in full at the borrower's next paycheck. The borrower writes a postdated check to the lender in the full amount of the loan plus fees. On the maturity date, the borrower is expected to return to the store to repay the loan in person. If the borrower does not repay the loan in person, the lender may redeem the check. If the account is short on funds to cover the check, the borrower may now face a bounced check fee from their bank in addition to the costs of the loan, and the loan may incur additional fees or an increased interest rate (or both) as a result of the failure to pay.

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In the more recent innovation of online payday loans, consumers complete the loan application online (or in some instances via fax, especially where documentation is required). The funds are then transferred by direct deposit to the borrower's account, and the loan repayment and/or the finance charge is electronically withdrawn on the borrower's next payday.

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Key Features Of Payday Loans

  • Payday loans are short-term, very-high-interest loans available to consumers.
  • Payday loans are typically based on how much you earn, and you usually have to provide a pay stub when applying for one.
  • A number of laws have been put in place over the years to regulate the high fees and interest rates with payday loans.

What is the process for payday loans?

Payday lenders will verify your income and information about your checking account and then deposit the cash in a retail shop or in the case of transactions completed online, as early as the next day.

In exchange, the lender will request to see a certified check or authorization to withdraw money electronically from your account. The loan will be due following your next payday usually within two weeks but occasionally in a month.

If the loan was issued in a shop it is possible to return the loan prior to or on the day that the loan is due for repayment. If you fail to appear at the time, the lender will either run the check or issue a withdrawal of the loan amount plus interest. Online lenders utilize an online withdrawal.

What are the requirements to obtain a payday advance?

In order to be eligible for a payday loan, you generally require a valid bank account, ID, and documents proving income such as a paycheck stub. The applicant must also be a minimum age of 18. Certain lenders will also require the use of a Social Security number.

It is possible to be denied to get a cash advance regardless of having an account in a bank. Loan providers who offer APRs greater than 36% aren't legal to loan money to active-duty military or their spouses, as well as their dependents, for example.

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What happens if I'm not able to pay off the payday loan?

Based on the lender you choose to use and the state in which you reside the state you live in, you may be charged an early fee or a non-sufficient fund fee. There is a possibility of an option to roll over your payment to extend the deadline, but this usually comes with the cost. In the event of a failed attempt to collect a payment, it could also result in bank charges against you.

If the lender is unable to recover the money the loan may be given to a collection agency.


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