FAQ Payday loans are short-term cash loans based information gathered by the borrower. They can be done either online or in person, but in this age of technology, many people choose the Internet for speedy and simple payday loans. Often you are required to have a checking account, in which you write a “virtual” check to the company of your choice. Your payday loan is given based on the fact that the payday loan company can then withdraw the money you borrowed plus interest when you next get paid. You are basically signing over electronic access to your bank account to make sure that they get paid. Lenders hold the check and send you the money, often as quickly as the day after you apply, and then you are required to pay them back. In most circumstances you can pay just the interest on the payday loan if you find yourself unable to pay back the full amount when your next payday comes about. It is called rolling over the loan, and the only thing you are required to pay is the interest.
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