Answers.com > Wiki Answers > Categories > Business & Finance > Personal Finance > What are payday loans?

What are payday loans?

In: Personal Finance, Loans, Personal and Payday Loans, Money Management [Edit categories]

Answer:

Payday loan is a small short term loan that is indended to cover a borrower's expenses until his or her next payday.

Payday Loans are short term loans with high interest rates used to get immediate
cash, in that case the persons cover the expenses in case of an emergency. When there is no other money available to cover bills and expenses that need to be paid before the next paycheck is received.
thanks

First answer by Alexferguson. Last edit by Payday Loan. Contributor trust: 0 [recommend contributor ]. Question popularity: 1 [recommend question].

[report abuse]

Sources and related links: [Edit]

Can you answer these Personal Finance questions?

	Is stay at home revenues a good program?	Answer it!
	How you abbreviate payment?	Answer it!
	Can I get a payday loan if my SSI payments are direct deposited?	Answer it!
	Why public sector bank owner is government?	Answer it!
	Are relatives liable for nursing home bills?	Answer it!

Relevant answers:

Find loan no payday loan?
Providing that you have the correct credit profile (we ARE in a recession) then you can go into practically any bank. You can also surf on-line for more information and money comparison websites...
How to get out of payday loans?
To be quite honest, the best way to get out of a payday loan is to pay it. Remember, payday lenders make it a business to lend to higher risk customers-they have collection down to a science. If you...
How do you get out of payday loans?
There are at least four (4) ways to get out of paying a payday loan, summarized as follows: * Repay the loan * File bankruptcy * Die * Ignore the loan, change bank accounts, and never use that payday...
Where do you get payday loan?
Payday loans are generally available online. More stores are opening in the UK and US but the main route is online. Good luck!
Is payday lending the same as a payday loan?
Yes, payday lending is the exact same as a payday loan, but sometimes people call it different things. It is for those who need a very short term loan until they get paid at work, at which point they...