发薪日贷款101

When you're short on 现金 and need to cover an expense quickly, a payday loan could be a lifesaver. As long as you have a job, an active checking account, and meet minimum age requirements in your state, you might qualify for a 现金 advance on your next paycheck in as little as 15 minutes. But fast money isn't cheap. Payday loan interest rates could run in excess of 500%, depending on the lender. 不，这不是打字错误.

Here are six more things you should know about payday loans.

1. Payday loans are short-term loans. 

与 个人贷款 or line of credit, payday loans are typically due in full by your next scheduled payday. Repayment terms can be as short as seven calendar days. If you take your time repaying the loan, 费用 雪球很快. This makes it possible to owe substantially more than you initially borrowed after only a few weeks. 

2. Payday loans are not available in every state.

While you can obtain a payday loan in 科罗拉多州, you won't be able to get one in Arkansas, 亚利桑那州, 乔治亚州, 新泽西, 纽约, 北卡罗莱纳, 佛蒙特州, 或者西弗吉尼亚. Some states limit or outlaw payday loan companies in an effort to protect consumers. For example, the 亚利桑那州 Attorney General's Office encourages consumers to 联系他们 if they see signs advertising payday loans.

3. Payday loan terms vary by state.

最高贷款金额, 财务费用, and repayment terms differ depending on your state of residence.

Payday Loans Sample 状态 Comparison
 

来源: 科罗拉多州 Legislative Council, Initiative #126, August 20, 2018
爱达荷州 Statutes, Title 28, Chapter 46, Part 4 Payday Loans
Payday Loans in 新汉普郡, NH 沙巴买球ing Department
CreditKarma.com
 

4. Payday loans aren't paycheck substitutes.  

While Oregon's maximum payday loan amount is $50,000 and Wyoming has no stated limit, 这些都不是常态. Typical limits range between $300 and $2,000. The most you could receive through a payday loan company in 科罗拉多州 is $500. So, if you work full-time or earn higher than average wages, this may be far less than your regular paycheck. 

5. Payday loan lenders are businesses, not banks.

Many consumers mistakenly assume that they are borrowing funds from a financial institution when they sign a payday loan promissory note. 这些短期, high-interest rate loans follow a different business model than banks or credit unions. Unlike traditional loans, payday loans do not require a credit check and funds are available within minutes. Some payday loan companies attempt to justify the high cost of borrowing money because of their flexible lending practices. 

6. Payday loan companies may request access to your bank account.

As a condition of loan approval, you could be required to provide banking account information so the payday loan company can disburse funds directly into your designated account. This is often sold as a "direct deposit loan feature" that allows you to receive 现金 the same day you apply for the loan. Remember that this also makes it easier for the company to withdraw funds when payment is due. 

NOTE: Payday loan regulations change. Check payday loan laws by visiting the attorney general's website for your state.
 

While a payday loan could help you through a rough patch, it could also spell disaster for your finances. These high-interest rate loans cause you to commit future income to cover a current money crisis. Failing to repay the full amount right away makes it easy to get trapped in an ongoing debt cycle.. 

Explore ways to increase your income and 减少开支 长期来看. This could help you create a financial cushion you can access anytime you need 现金 in a hurry, without relying on payday loans.