Payday loans or cash advance loans are generally a personal loan on daily basis for those who have bad credits & it is US based concept. It's no credit check loans nor installment loans. Payday loans are small upto $500 but they very helpful for peoples having income but bad credits.

Though it is great concept for quick cash loan but if you thinks about it deeply then you will find it is expensive way to borrow money. If you aren't paid full refund with interest on the first payday then new finance charge is added by them and it is continuous till they get repaid. Within a few months, borrowers can end up owing more in interest than the original loan amount.

Depending on your state law, payday loans may be available through storefront payday lenders or there are many payday loans online. You will get payday loan within one hour too if all documents required by them are ready at you. The due date is typically two to four weeks from the date the loanwas made. The specific due date is set in the payday loan agreement.

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Cost of payday loan :

Payday loans range in size from $100 to$1,000, depending on state legal maximums. The average loan term is about two weeks. Loans typically cost 400% annual interest (APR) or more. The finance charge ranges from $15 to $30 to borrow $100. By comparison, APRs on credit cards can range from about 12 percent to about 30 percent. In many states that permit payday lending, the cost of the loan, fees, and the maximum loan amount are capped.

What you need to get payday loan :

You need an active bank account, an ID and proof of income such as a pay stub. You must be 18 years old.

Lenders check a specialized consumer reporting agency to ensure that you don’t have outstanding payday loans, a wage garnishment or other judgment against you, or a history of bad checks or bankruptcy.

If you don't make enough money, you don’t meet their repayment requirements, you already have an outstanding loan, Your bank account has been opened too recently, then you won't get payday or cash advance loan for above reasons.

Note :

If you change your mind, you can withdraw from the agreement at any time within the first 14 days.

All you need to pay is the interest on the credit you have used. Any additional charges must be refunded to you.