If approved, you get cash or a deposit, often the same day .
You write a post-dated check for the full loan plus fees, or authorize an electronic debit (ACH). PAYDAY LOAN
You provide ID, proof of income, and an active bank account. If approved, you get cash or a deposit, often the same day
What is a payday loan? | Consumer Financial Protection Bureau What is a payday loan
On your next payday (usually 2–4 weeks later), the lender cashes the check or pulls funds from your account. The Real Cost (APR)
Payday lenders often charge a flat fee of borrowed. While this sounds like a "15% interest rate," the short term makes the Annual Percentage Rate (APR) astronomical. Payday Loan Credit Card Personal Loan Typical APR ~400% 12% – 30% 7% – 36% Repayment Lump sum (2 weeks) Monthly (variable) Monthly (installments) ⚠️ Key Risks