Online Short Term Loans

Payday loans

It is not unusual for people to find themselves in need of money. Sometimes there are more bills to pay than there are funds to cover the expenses. Cash loans or pay day loans are small, short term loans that can be borrowed to cover expenses until the next pay day, when they can be repaid.

There are some lenders that offer online payday loans. Whether you are filling out a paper application or applying for one of the online payday loans, your approval amount is based on information that you provide on the loan application. The laws surrounding payday loans vary from state to state. In Illinois, you can have a payday loan for up to 45 consecutive days.

Unlike other types of loans, you do not have to have good credit to get a payday loan. Oftentimes, those who take out a payday loan write a post dated check to the lender, who cashes it on or after the date on the check. The post dated checks usually include the amount of the loan plus the interest. Payday loans usually have higher interest rates than traditional bank loans. There are some jurisdictions that limit the annual percentage rate, or APR that can legally be charged in order to prevent usury (charging excessive interest rates).

One Response to Online Short Term Loans

  1. I have never heard of these kind of loans before. I have never taken out a loan, and I do not really have that much credit yet, so I ever do need a loan this is good to know about. Thanks.

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