What is a payday loan?

A payday loan is a short-term, small loan, typically ranging from $100 to $1,000. Many people choose a payday loan to cover unexpected expenses or to bridge a temporary gap between paydays while avoiding any long term debt. A payday loan is a financial solution that provides a sensible alternative to costly bounced checks, late fees, and undesirable credit ratings. Payday loans are used to cover short term financial situations, not a long term financial solution. Customers should evaluate the costs and benefits of all credit options before borrowing.