Payday Loans 101: What is it?
A payday loan or a cash advance loan is a loan you can take out for a short period of time. Just like any other loan, you pay a fee to borrow the money. The big difference is it must be paid back in a short amount of time – like a week or two.
A payday loan or cash advance loan can be very expensive. Before you get one of these loans, consider other ways to borrow money such as:
- From family and friends
- Bank or credit union
- Your credit card
- You may even want to see if you can bargain with whoever you owe to give you a little more time.
