It seems you can get one almost anywhere. Payday loans are advertised on the internet, television, the radio and even in the mail and they come at a very high price but what are payday loans and are they really a good idea?
You may be strapped for cash but is it worth it to go the payday loans route?
Payday loans are offered by finance companies and check cashers who are now granting small, short-term loans called payday loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans.
What happens is this: a person wanting to borrow money writes a personal check to the lending company for the amount he or she wants PLUS a fee. The borrower is given a check by the lender for the loan amount (minus the fee, of course). Simple isn't it?
Bear in mind that the fee charged is usually a percentage of the face value of the check or a fee charged per amount borrowed. For example, let's say that you need an amount of $50 to $100. If you then extend the loan for another two weeks you pay additional fees for each extension period.
