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What are Payday Loans? | Big Cash Advance.info

What are Payday Loans?

Payday loans are small loans (around $1,500) you can use when you are temporarily out of money. Most often, payday loans are short-term loans (two weeks or so) for a modest amount of money (a few hundred bucks). To get a payday loan, you typically write a check for the amount you are borrowing – plus a fee. You might leave the check with the lender, and they cash it once you are ready to repay.

If you can't repay your payday loan when it comes due, you can “roll it over” so that the loan is extended. You don't have to repay it, but fees keep accumulating. If you don't have the money in your account to cover the check you wrote, you could incur bank fees for bounced checks.

A payday loan is also known as a cash advance.

Next >> Advantages of Payday Loans, or you can Get a Payday Loan Now

 

 

 

 


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