A pay day loan is a high-cost, short-term loan for a little bit — typically $300 to $400 — that’s designed to be paid back together with your next paycheck. Pay day loans require just an earnings and bank-account and tend to be usually built to those that have bad or nonexistent credit.

Financial experts caution against pay day loans — particularly if there’s any chance the debtor can’t repay the loan instantly — and suggest that they look for one of the numerous lending that is alternative available alternatively. Continue reading