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Bookmark or Share- Payday loans - Consumer Financial Protection BureauLearn about how payday loans work, what to do when paying one back, and your rights.
- What Is a Payday Loan? How It Works, How to Get One, and LegalityPayday loans are short-term, high-interest loans that lenders make based on your income. The amount of the loan is generally equal to a portion of your next paycheck. Payday...
- What Are Payday Loans? - Rocket LoansA payday loan is a short-term loan due to be repaid by your next “payday,” or when you receive your next paycheck or other source of income. As the loans are meant to be covered by a single paycheck, the loan amount will generally be smaller than other types of loans – usually $500 or less.
- Payday Lending - Federal Trade CommissionPayday Lending. Many consumers who need cash quickly turn to payday loans – short-term, high interest loans that are generally due on the consumer’s next payday after the loan is taken out. The annual percentage rate of these loans is usually very high – i.e., 390% or more.
- What is a payday loan? | Consumer Financial Protection BureauWhile 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 could be available through storefront payday lenders or online.
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