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What is a Payday Loan?

In the beginning of the 1990s, there were about 200 payday loan shops spread throughout the country. Today the best estimates indicate there are at least 12,000 nationwide payday loan outlets. With the rise of the convenience of the Internet, the number of payday loan companies continues to increase exponentially.

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A payday loan is basically the same, whether issued by a loan shop or an online company. If you opt for a loan shop, you will postdate a personal check up to 14 days in advance. The amount on the check will be the loan plus the fee. The lender will either give you the cash in your hand or a check you can cash immediately. The lender agrees to hold onto your check as security and will deposit it according to the date on it. This provides you with the money you need.

When payday rolls around, you will be expected to have enough funds in your account to cover the check held by the lender. If this is not the case, arrangements can be made to extend the loan for a new fee, providing you notify the lender in advance.

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A payday loan shop will usually require proof of identification (such as a drivers license), check stubs or bank statements to verify your income, and other items such as phone or utility bills. They may even phone your employer to make sure your employment information is correct. This is not a credit check in an ordinary sense. The employment check is to ensure the lender that you will not take his money and skip town.

The various online payday lenders work in very much the same fashion as payday loan shops. However, you will never meet the lender in person. All communication between the customer and lender will be done online at the lender’s web site and by e-mail, in addition to possible phone calls.

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The earliest online payday services usually required the same type of written confirmation for which the loan shops ask. Even though the initial application process was done online, you had to fax copies of your bank statements or check stubs. The application form was usually printed, signed, and faxed to the payday lender. Such online payday loan services still exist, but more and more are completing the entire application process online. Today, the company can run whatever checks they feel are necessary to confirm your information simply by using a number of databases. This makes the process quicker and less expensive. It is also more convenient for the customer, as very few people have faxes in their homes. Now a customer no longer has to leave home to complete a payday loan application.

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* Payday Today is not a payday lender or broker. We provide research and information about payday lenders and products, and are not necessarily affiliated with the companies featured on this site. Availability of products and services varies by state. Not all independent lenders will approve you for a loan or can provide you with up to $1,000 on your first loan.

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