A payday loan is a short-term borrowing option where lenders provide small amounts of money to borrowers, typically due on the borrower's next payday.

1. PAYDAY
PAYDAY
LOANS
LOANS
A QUICK OVERVIEW

2. WHAT IS A PAYDAY
WHAT IS A PAYDAY
LOAN?
LOAN?
A payday loan is a short-term
borrowing option where lenders
provide small amounts of money to
borrowers, typically due on the
borrower's next payday.

3. HOW DOES IT WORK?
HOW DOES IT WORK?
Application: Apply online or in person with
minimal documentation.
Approval and Funding: Quick assessment and
disbursal of funds, often within the same day.
Repayment: Due in full on the borrower's next
payday, usually within two to four weeks, with a
post-dated check or electronic withdrawal.
Fees and Interest: High fees and interest rates.
Renewal and Rollover: Option to extend the loan
with additional fees, leading to a cycle of debt.

4. BENEFITS
BENEFITS
Accessibility: Available to
individuals with poor or no credit
history.
Speed: Quick access to funds for
emergencies.
Flexibility: Can be used for various
purposes without restrictions.

5. RISK
RISK
High Costs: Expensive borrowing option
due to fees and interest rates.
Debt Trap: Rollover and renewal options
can lead to long-term financial difficulties.
Regulatory Issues: Subject to regulation
and scrutiny for consumer protection
concerns.

6. CONCLUSION
CONCLUSION
While payday loans offer quick access
to funds, they come with significant
risks and costs. Borrowers should
carefully consider alternatives and
consult financial advisors before
making borrowing decisions.

7. THANK YOU
THANK YOU
FOR READING
FOR READING
LEARN MORE
LEARN MORE