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Payday loans are short-term cash advances accessible online or at local shops. These loans are a way to quickly get cash until the borrower's next paycheck is due. Borrowers use their bank accounts or credit cards as collateral. Lenders can charge excessive interest rates and charges if borrowers do not pay back their loans on time. Lenders often require applicants to have poor credit scores or no credit history at all.

2. Payday loans can have consequences

The terms and conditions of payday loans may differ in the way they impact the outcomes. In certain instances, the borrowers may not realize that they're being charged exorbitant charges or interest rates until they've agreed to the agreement. Others may find themselves stuck in a cycle of debt if they don't pay back the loan prior to when the next pay day arrives.

3. Alternatives to Payday Advances

For those who require quick cash access ought to consider payday loan alternatives. There are many options that could help with emergencies in financial need, such as cost-effective and free options. A savings account for your personal is one option. Secured credit cards are an alternative. Small business loans are another option.

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 exactly is a payday loan?

Payday loans are short-term, non-secure loan for those in requirement for cash in a hurry. They are often referred to by the terms "cash advances," or "short-term loan." They are popular with people who are cash-strapped and need immediate cash.

2. What can I do to get payday loan?

Online applications are available at any time and are available 24 hours a day. You must fill out the application form and attach documents. You will be able to receive your cash advance when you're accepted.

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

Yes! Payday loans are accessible to employees who are employed. They may also require that you have not been laid off in the last few years. Payday loans are an option for you if you need to pay off your debts fast and without risking losing your job.

4. Do I have to pay for my payday loan back?

No. A payday loan isn't considered to be a long-term financial obligation. The lenders can differ in terms of repayment, but most lenders will allow borrowers to postpone the repayment until they find a job.

5. Is a payday loan cost prohibitive?

Payday loans cost $50-$500 each month. The lenders are able to charge interest rates as high as 1,000% to 300 percent.

6. Are payday loans illegal?

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

7. What happens when I have taken out a payday loan?

You have to pay back your loan on the due date after you receive your cash advance. Failure to do so will result in charges and fees being added to the balance.