The IT Trader

With a payday loan, you borrow cash until your next payday. It is a
short term loan, good for about a week to a month, depending on how
often you are paid. It is necessary to have a bank account because if
you are borrowing from a local payday loan store they will want you to
either leave behind a check or sign an ACH withdrawal permission form
as collateral in case you cannot return to pay in person. If you
cannot return, they will go ahead and process the check or the ACH
that day. If you are borrowing from an online lender, they will
deposit your loan electronically into your bank account, and use an
ACH debit from your account for the repayment on your due date.

If you need more time to repay your loan, at a store you must go in
and pay cash for the entire loan amount plus fee, and then take out
another loan. For online lenders, you need to notify them that you
want to roll the loan forward, and pay their fee. Before you need
another payday loan, ask questions about fees and limits for new
loans. Some allow you to have two loans at a time, either with the
same or different lenders.

Borrowing cash until payday with payday loans can help you bridge a
cash shortfall. It is not meant to be a lifestyle, just a temporary
bandage for your budget. Use your payday loan sparingly and wisely.