Payday Loan FAQs

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There are many myths, misunderstandings, and questions surrounding the whole payday loan business and process. Many people don't have a clear idea as to what exactly is involved with obtaining a payday loan, and they are ultimately left wondering if they should get one or not. Here are five commonly asked payday loan questions and their answers...

What is a payday loan?

A payday loan is simply cash that is given to you from a payday loan service in advance of your next incoming paycheck. The amounts of the payday loan cash advance can vary depending on how much you need and the agency you use, but are generally between $100 and $1,500 dollars. When you get a payday loan, you will write out a check to the payday loan service for the amount you are borrowing, as well as the finance charge. Then, upon receiving your own paycheck, the check you wrote will be cashed.