What is a Payday Loan?

A payday loan (payday advance, cash advance, short term loan) is a loan designed for emergencies and other short term goals. The term is generally 2-4 weeks and is based on your next payday. Dollar amounts can range from $100 - $1500, and most first time borrowers have a cap of $300. A fee will be incurred and is usually calculated based on the amount borrowed. This fee varies by lender and location.