What is a Payday Loan?

So do we dare ask what is a payday loan? By definition a payday loan is a very small and short-term loan consisting of the time frame of one pay period. A pay period can be one week, twice a month, every two weeks, or once a month. Typically the loan is $250 to $350, but range from $150 up to $500 in the United States. Some lenders claim to lend up to $1,500 to $2,500 on average. The payday loans are intended to bridge the borrower's cash flow gap(s) between a single pay period. Many times over payday loans are also often referred to as cash advances, but are not, by definition, a cash advance. The terms of cash advances are to provide immediate cash against a prearranged revolving line of personal credit such as a credit card (revolving credit and not a ATM card). A payday loan is not a revolving line of credit. It is a single pay period extension of credit and it has the ability to be rolled over into a new loan (up to 12 times in most states) or in essence what could be considered a sequential loan. Terms, regulations, and conditions differ from state to state.

Payday Loan News

Consumers can recieve quality news, tips, and podcasts of what is happening in the payday loan industry at payday loan industry watch.

There you will find a rather large amount of information on payday loan news and the news in the form of payday loan podcasts.

If you have just been watching the industry or are trying to find a lender you will find what you are looking for at payday loan industry watch.

Different Types of Lenders

Lenders come in many forms. There are standard cash advance or payday loan lenders. Then there are lawsuit loan or settlement funding lenders. The last resort is when people cash out with a home mortgage and use a mortgage company to refi or consolidate debt with a broker.

No matter how you get more money; there is a wide variety of ways to lower your monthly payments and move debt; however, make sure you chose a responsible lender and do your homework with a variety of lenders. Often you can work with any lender on payments and fees. Lenders know your already challenged with the finacial burden of a unfortunate situation. Brokers are eager to make your life easier and can cut slack where needed.

Not every lender is the same so make sure you take your time and get multiple quotes.

Payday Loan

A payday loan is a quick and easy way to get cash for any financial need. Many banks do not let the consumer get a signature loan if their credit is questionable or they are over extended.

A cash advance is another way the consumer can get easy quick cash for financial needs. If you need cash for the monthly bills and are a little short you may look into getting a short-term loan.