How do personal payday loans work? personal payday loan s cover a specific need in the plaintiff, for example, they are usually requested to make certain purchases (consumption), home renovations or, to reunify debts. 215 Followers, 2,707 Following, 3 Posts - See Instagram photos and videos from Payday Loan2017 (@payday_loan.s) Payday loan example. Consumers with poor credit usually turn to payday loans when they experience financial emergencies. Imagine that your only car breaks down, and it requires $500 in repairs. While there is no set definition of a payday loan, it is usually a short-term, high cost loan, generally for $500 or less, that is typically due on your next payday. Depending on your state law, payday loans may be available through storefront payday lenders or online. What are Payday Loans? These are short-term borrowing services that allow qualified applicants to receive up to $1,500 quickly. The vast majority of consumers use them responsibly to avoid bounced checks or staggering NSF fees. Payday Loan Financial emergencies are inevitable. Good thing there's a fast cash advance when you're in dire need of cash to pay your looming bills. Approval within 30 minutes Easy repayment terms Simple & easy solution to your problems Pay off your bills in just one easy loan Payday Loan… View Payday Loan's address, public records, background check, and more for 8169310984 with Whitepages reverse phone lookup - know who is calling from 816-931-0984. A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan with high interest rates. The term payday in payday loan refers to when a borrower writes a postdated check to the lender for the payday salary, but receives part of that payday sum in immediate cash from the lender. A payday loan’s principal is typically a portion of a borrower’s next paycheck. These loans charge high-interest rates for short-term immediate credit. These loans are also called cash advance. Cost Associated with Payday Loans. It is quite common for the payday loans lender to charge a 15% interest rate while some lenders charge as much as 30%, which is $30 on every $100 you’re given. As such, a borrower needs to be careful of the frequency with which he/she takes a payday loan as it can leave one neck-deep in debt.