What is a Payday Loan?
When life happens and you find yourself in need of fast money, various options exist to help you get it. As you explore them in quest of the right—and easiest and fastest—solution for you, a payday loan is something you will likely consider.
So, just what is a payday loan and how does it work? Keep reading, and we’ll cover all the bases and give you the details you need to become in the know about payday loans. By the time we’re done, you’ll be a bona fide payday loan expert—and you’ll be able to move forward with confidence to get the cash you need.
What is it?
So, just what is this thing they call a payday loan?
A payday loan, simply defined, is an advance on your upcoming paycheck.
When you get a payday loan, a creditor gives you money based on the assurance that your next paycheck will cover the loan amount as well as the attendant lender fees.
How Does it Work?
So, how does a payday loan work? Well, it’s actually quite simple.
When you apply for a payday loan, a lender will likely require personal identification as well as proof of income to show you can pay back the loan. The borrower (that’s you) then typically writes a post-dated check to cover the loan and fees.
The application process ordinarily takes between 15 and 30 minutes. Once you’re approved, the lender will hand over the cash. It’s that simple!
Quick Cash, Right This Way!
Consumers can apply for a payday loan and also explore other fast cash options available to them at CashMax Title & Loan. Stop in and see us or contact us today to get the money you need when you need it most.