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A payday loan is an extremely short-term loan that is intended to boost a wage-earner's cash flow while she awaits payment. The APR of a payday loan can seem extremely high, often well over 1000%, but this is a year's interest (APR = annual percentage rate), so if the loan is taken out for a week, it will effectively be less than a fiftieth of this figure. The amount available is usually capped, and proof of employment will be required. Payday loans can be carried over several months, but this can become expensive. They are useful if you would incur late payment charges on other credit that would be more than the cost of the loan itself.
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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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