A payday loan is a loan that you payback on payday. You write the lender a postdated check along with the lending fee on top of it. You set a date to come back and pay the loan off. If you end up not showing up the lender redeems the check.
If the check happens to bounce the borrower can possibly have to pay overdraft fees and additional penalties from the lender. Make sure you know what you are getting into when applying for a payday loan.
"Things happen all the time and many people these days live paycheck to paycheck," says Bob Kushner, president of Loaning America. "The radiator can go out on your car and you need your car running to get to work. We can get you that money to fix your car, just pay us back when you get your paycheck."
Due to the high interest rates you're better off borrowing money from a friend or family member if possible. A payday loan however is a good alternative if you are in a pickle.
If you are in need of payday loan and have any questions regarding how these loans work, please go to http://needcarloanfast.com/