What is a Payday loan?

What is a Payday loan?
A payday loan is a small-scale, high-interest, short-term loan. They target people who need small amounts of cash for a short period of time. It is an opportunity for individuals to get instant cash access without the need for extensive credit checks. People who don’t get credit cards, don’t have friends or family to lend money to, and can’t take advances from their employers often have something extra to meet their short-term needs. There is no room for cash.

The borrower writes a personal check payable to the lender they wish to borrow and the “loan fee”. The lending company then deducts the check amount from the borrower and pays the “loan fee” in cash. For example, if you want to borrow $100 for two weeks, you can write a check for $115 and receive $100 in cash.
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