Payday loans, often referred to as Cash Advance loans, provide people with fast access to a short-term, unsecured, personal loan. In years gone by, the loan would be paid back on the next payday, hence the name. Nowadays, these loans are typically paid back over one to three months.
Amounts borrowed range from $100 to $1,000. The APR interest rates are generally in the range of 400% and 1,000% but since people only borrow the money for a short period the actual interest amount paid is not as terrifying as those APR numbers.
Repayment amounts and dates are made clear during the application process. They are typically taken out of the applicant’s salary or bank account on payday