Definition: payday loans (Cash Advances)
Payday loans provide cash advances to people in need of quick money. The payday loan store (or online pay day provider) can assist consumers in paying off debts such as utility bills or emergency car repairs when the cash flow is not readily available from their bank accounts.
Alternatives to Payday Loans (Cash Advances):
The FTC has the following suggestions when researching an online payday loan provider or store:
Compare the APR and the finance charge (which includes loan fees, interest and other types of credit costs) of credit offers to get the lowest cost.
Find out if you have, or can get, overdraft protection on your checking account.
Payday Loan / Cash Advances Common misspellings:
payday, paydaie, peighday, peighdaie, paydya, payady, padyay
loan, loam, roan, lone, loin, roin, loen, roen, roam, olan, oran, lona, rona, 1oan, laon
cash, cache, cahs, csah, acsh
advance, advane, advace, advnce, avance, advanc, advenc, advahnc, advahnce, advahnse, advense, advence, advanse, adance, adanc, adenc, adence, adanse, adense
The cost of pay day loans, under the Truth in Lending Act, must be disclosed like other types of credit. You have to be provided with: the finance charge (dollar amount) and the annual percentage rate / APR (the cost of credit on a yearly basis).
Information on No fax payday loans and quick cash advances