What is a Payday Loan?

What is a payday loan used for? This is a good question. Single moms and single women can find a hundred uses for a cash advance loan! Sometimes it's enough to keep the lights on. Or it can be used to buy that cosmetic kit to start your own business, or it can be used for emergency car repairs.

How much does a payday loan cost? This will vary from company to company. They don't really charge an interest rate. They usually charge "fees".

The term on payday loans can range from 1 week to 4 weeks to coincide with the your next payday. Some payday loan lenders charge a flat fee regardless of the length of the payday loan. Most payday loans lenders and affiliates of payday loan lenders offer clients the option of extending a loan, meaning that the loan is extended to the next payday and the fees are increased or can become doubled. Usually you can't get away with this more than 2 times in a row.

Payday loans are small, short-term, and usually unsecured loans. People can apply for payday loans through the Internet and the payday loans usually range from  $100-$1000. If you are approved, the loan amount is then wired or transferred into your checking account.

Payday loans are an better alternative to bouncing checks, pawning your personal items, or even borrowing money from family and friends which can cause disharmony and discord and sometimes even severing friendships. You may also use payday loans to avoid those late-payment penalties on utility bills and credit card payments. 

Currently, fees charged on payday loans online vary between payday loan lenders.  The cost of getting a payday loan is not usually charged as "interest" but rather as fees. If you bounce a check the banks will usually charge you anywhere from 20.00 up to $30.00  Credit card companies charge a late fee of up to 29.00.  The average finance charge on a payday loan is about $18 for each $100 you borrow.

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IF you are in desperate need of cash today or tomorrow and a cash advance or payday loan will help then choose if: 
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