Loans — Payday

Payday loans are high-interest, short-term unsecured loans, typically for , that are meant to be repaid in a single lump sum on your next payday. While they offer immediate cash, their typical 400% APR and two-week repayment terms frequently trap borrowers in a cycle of debt. 1. How Payday Loans Work

: You must write a post-dated check or authorize an electronic debit (ACH) for the loan amount plus fees. payday loans

: You provide a photo ID, proof of steady income, and a bank account in good standing. No credit check is usually required. Payday loans are high-interest

: If a check bounces or an ACH fails, you may face expensive NSF (non-sufficient funds) fees from both the lender and your bank. short-term unsecured loans