Payday Loan

Payday loans, otherwise known as Cash loans, are short term loans designed for people in employment who require access to immediate funds. Loan amounts are low, typically between $100 and $1,500 and repayment is required on the borrower's next payday (usually a two week term), although options are usually available to defer payment until a subsequent payday.

To be eligible to apply for a payday, the borrower must be in employment and possess a bank account with a check book. A poor credit rating or debt history is not a usually a problem.

Finance charges are extremely steep, ranging from 390 to 780% APR, which translates to $15 to $30 per $100 borrowed.