What is a Payday Loan?

A payday loan is a short-term unsecured loan given in the amount of $100-$1,000 and paid off within 14 - 31 days with the next pay-check.

The main characteristics of Payday loans (which can be also called payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) are:

  • they are short-term (14-30 days),
  • they are small dollar (up to $1000),
  • bad credit is OK, i.e. they are available even for borrowers with poor FICO credit score,
  • high-cost (with the APR from 391% to 3,733%)
  • unsecured (they are given without any collateral).

Most people choose Payday cash advance due to its:

  • availability for bad credit
  • quickness of applying and getting
  • easiness and convenience of repayment