What is a Payday Loan?

Payday Loans are short-term unsecured loans providing you a quick and easy alternative to bank overdrafts and a means of avoiding late fees for utility bills, auto loans or credit cards. They also provide a way for you to pay for unexpected expenses such as medical costs or auto repairs. All that is required is that you have a job and a bank account, and submit a loan application along with a voided check, your last pay stub, last bank statement, last telephone bill and valid, current photo identification. The loan matures on your next pay date, generally seven to 30 days later, hence the name “payday” loan.