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Payday loans are cash advances that are available online or at local storefronts. These loans are intended to provide cash advances for short periods until the time when borrowers get their next pay check. They can borrow against their credit cards or bank accounts to serve as collateral. Lenders could charge higher rates of interest and fees for borrowers who fail repay the loan on time. Most lenders will require that applicants have bad credit records or no credit history.

2. Payday Loans: The Consequences

Payday loans have distinct terms and conditions. Some borrowers may not know that they'll be charged exorbitant interest or charges after signing a contract. Others may find themselves stuck in a cycle of debt if they do not repay the loan before the next pay day arrives.

3. Alternatives to Payday Advances

Payday loans aren't the most suitable option for people who require quick cash. There are a myriad of low-cost, free alternatives to handle financial crises. A savings account for your personal is one of them. Another is secured credit card. A third is small business loans.

4. More Information

To learn more about payday loans and how to avoid them, visit the Federal Trade Commission website at www.ftc.gov/paydaylending. To learn more about alternatives to payday loans, visit the Consumer Financial Protection Bureau website at www.consumerfinance.gov/learnmore/alternatives-to-payday-loans/.

1. What is a Payday Loan?

A payday loan is an unsecure short-term loan that provides quick cash to the customers. These loans can also be described as "cash loans" or "short terms loans". They are popular among those who need cash quickly and who have exhausted their personal resources.

2. What can I do to get an advance on payday?

Apply online at anytime, all day long. To apply online, you will be required to fill out an application form and send some documents. Within minutes your cash advance will be approved.

3. Can I get a payday loan if I am unemployed?

Yes! Payday loans are accessible to employees who are employed. You might need to be laid off recently in order to be eligible for payday loans. A payday loan is a great alternative if you are looking to repay your debt without losing your job.

4. What are my options to repay my payday loan?

No. A payday loan cannot be considered a long-term financial obligation. There are a variety of lenders in the terms of repayment, but most lenders will allow borrowers to postpone payment until they land a job.

5. Are payday loans expensive?

Payday loans range from $50 to $500 per month. The lenders may be charged interest rates ranging from 300% to 1000%.

6. Are payday loans legal?

Payday loans are illegal in some states. Before you apply for a payday loan, be sure to check the laws in your state.

7. What happens when I get payday loans?

Once you have obtained the cash advance, you need to be sure to repay it promptly. Additional fees and charges will be added to the loan balance If you fail to do this.