No matter how good we are in planning our budgets there are such things as accidents that are not always covered by the insurance. Basically there is one question appears: what to do if I extremely need some money and I can't wait for the next paycheck?
Payday Loan is a type of short-term loan with high-interest rates. The period of time for paying off the loan and the interest rate differ from one company to another. In average, for every hundred dollars you have to pay about $20-$30.
There are many companies offer payday loan option nowadays, however most of them have something in common that you should know before taking it.
All of the payday loans have high interest rates due to high risks taken by lenders. Regulations applied to payday loans vary from one state to another, so you want to check it beforehand. In most cases they don’t check you credit history and don’t ask you for a lot of information, but in case if you don’t pay it back then it will have a negative impact on your credit history. Usually all you need in order to get the loan is provide your ID, income proof, a personal check and bank statement.