What Is a Payday Loan?
You’ve probably heard of the term before, but what exactly is a payday loan? A payday loan is pretty much what it sounds like: a short-term loan amount or cash advance to get you through to your next payday.
Whether you’re in between jobs and need some extra money to bridge the gap or have unexpected expenses come up and don’t have enough on hand to cover them, payday loan services can help.
Because this type of personal loan is short-term, interest rates are typically higher. In addition, instead of paying it back in regular increments—like with installment loans—usually you pay the loan back in one lump sum once you receive your next paycheck.
Keep reading for more information!