Payday loans provide quick cash, typically up to $350, which must be repaid within two weeks, and require an active bank account, ID, and proof of income. The cost of payday loans varies by state, with interest rates usually between $10 and $30 per $100 borrowed. Alternatives for fast cash include personal loans from family and friends or extended-term loans that can last up to three years.

1. How do payday loans work?
A payday lender will confirm your income and checking account
information and deliver cash in as little as 15 minutes at a store or by the
next morning with an electronic transfer if the transaction is done online.

2. How much can I borrow through a payday loan?
The industry has calculated that the average payday loan is $350 to be
repaid in two weeks.

3. What do I need to get a payday loan?
To qualify for a payday loan, you typically need an active bank account,
an ID and proof of income such as a pay stub. You must be at least 18.

4. How much does a payday loan cost?
The cost to take out a loan varies by state and by lender. States that allow
payday loans typically cap the maximum allowable interest at between
$10 and $30 per $100 borrowed.

5. Payday loan alternatives to avoid
Available at both storefronts and online, these loans extend repayment
terms to as long as three years.

6. What are my alternatives for fast cash?
Your friends and family may offer the most flexibility and the best
lending terms, but not everyone has this option or feels comfortable
using it.

7. How does a payday loan affect my credit?
If the collections agency calculates there’s only a very small chance of
the loan getting repaid, it may cut its losses and report the default to the
credit bureaus immediately.

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