How do payday loans work?

A payday lender will confirm your income and checking account

information and deliver cash in as little as 15 minutes at a store or by the

next morning with an electronic transfer if the transaction is done online.

How much can I borrow through a payday loan?

The industry has calculated that the average payday loan is $350 to be

repaid in two weeks.

What do I need to get a payday loan?

To qualify for a payday loan, you typically need an active bank account,

an ID and proof of income such as a pay stub. You must be at least 18.

How much does a payday loan cost?

The cost to take out a loan varies by state and by lender. States that allow

payday loans typically cap the maximum allowable interest at between

$10 and $30 per $100 borrowed.

Payday loan alternatives to avoid

Available at both storefronts and online, these loans extend repayment

terms to as long as three years. 

What are my alternatives for fast cash?

Your friends and family may offer the most flexibility and the best

lending terms, but not everyone has this option or feels comfortable

using it.

How does a payday loan affect my credit?

If the collections agency calculates there’s only a very small chance of

the loan getting repaid, it may cut its losses and report the default to the

credit bureaus immediately.

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