What is a "Paysay Loans"? The Most Authoritative Explanation.

What is a "Paysay Loans"? The Most Authoritative Explanation.

What are payday loans and how do they work?

Payday loans are small loans, usually under $1,000, meant for emergencies. Unlike other loans, lenders don’t require you to have good credit — and many won’t check your credit score with the big three credit bureaus. Since payday loans are repaid within a week to 31 days, they have a high annual percentage rate (APR).

Is a payday loan secured or unsecured?

Most payday loans are unsecured. This means that you do not have to give the lender any collateral or borrow against a valuable item as you do in a pawn shop. Instead, the lender will normally ask you for permission to electronically take money from your bank, credit union, or prepaid card account.

Do payday loans have a high APR?

Unlike other loans, lenders don’t require you to have good credit — and many won’t check your credit score with the big three credit bureaus. Since payday loans are repaid within a week to 31 days, they have a high annual percentage rate (APR). In many cases, your APR can be 300% or higher.

Are payday loans available in all states?

Payday loans are not available in all states. Sixteen states—Arizona, Arkansas, Colorado, Connecticut, Georgia, Maryland, Massachusetts, Montana, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Dakota, Vermont, and West Virginia—plus the District of Columbia outlaw payday loans of any kind.

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