There are many other names for payday loans, such as cash advance loan, paycheck advance or payday advance loan, check advance loan, post-dated check loan or deferred-deposit check loan. And the Federal Trade Commission in the U.S. calls it “costly cash”.
But no matter what you call it, it is the same thing. Payday Loan is a small, short-term loan to help one in Financial Emergency. Payday loan will help to cover your expenses until your next payday. Basically payday loan is a short term loan that is due the next time you get paid. And in exchange for loaning you money until your next payday, a lender charges a fee.
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As a security for the payday loan you have to provide a physical check. Online payday loan companies simply take an ACH (Automated Clearing House) authorization to secure the loan, the same process your employer uses to directly deposit your paycheck each month.
The amount of the payday loan can vary from $50 to $1,500. Payday loan is a short-term loan with high interest.
The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card.
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