A payday loan is a temporary financial instrument that is secured against your future paycheck. Having grown in popularity since the early 1990s as a means to combat NSF fees and late payment penalties, many individuals prefer this financial tool to supplement a temporary loss of income or cover an unforeseen expense over other methods, such using high interest rate title loans or pawn shops.
Due to the fact that your paycheck acts as the collateral against the loan, you doesn't need to deal with the hassle of credit checks or bureau inquiries; due to our desire to keep you from getting into a debt-cycle, your APR or annual percentage rate will appear on your loan documentation. It is important to be aware of a loan's finance charges so you can avoid predatory lending situations only serve to increase debt.
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