Payday loans offer a quick cash solution to help cover unexpected expenses. To find out more about how to get a payday loan, check out the information provided on this page.

The content in this page is not a substitute for professional financial advice. Please contact your financial adviser before using the information presented here.

• When an emergency situation, like a broken down car or unforeseen medical expense, takes place it's difficult sometimes to come up with the money you need to cover it. There are companies that will allow you to borrow against your future income for a fee, and these loans are know as payday loans.

(Creative Commons photo by Jenn-jenn)

• Most companies who offer payday loan relief advertise in newspapers, over the radio and even through mail. If you are in financial need and have no option beyond a payday loan, start by looking in the yellow pages of your local phone book. Once you have located a company near you, call them ahead of time for information.

• When you arrive, the payday loan companies are required to present you with the following information in writing:

1. The cost of the loan
2. The finance charge
3. The annual percentage rate

• Once you have your payday loan, you are committed to repaying it to the lender by the date of agreement. You do have the option of rolling the fee over to the next pay date, but doing this will cost you even more. For example:

1. You borrow $200.
2. The original fee is $20.
3. You write out a check for $220.
4. The original date arrives, but you still can't afford the fee.
5. You roll the loan over for two more weeks for another $20 fee.
6. You now owe $240.

• Rolling over the loan continually will wrack up more unexpected fees, which could dig you in deeper than you were when you started out. Think it through carefully, and only roll your loan over if you have no other choice.

• If after you are presented with the terms of the loan, you decide to go through with it, you will be offered two options:

1. Write out a post-dated check for your next pay date
2. Have the funds taken out of your bank account electronically

• The amount you pay will include the amount of money you wish to borrow and the fee the company charges to loan you the money.

• A payday loan is a quick fix when you're in a financial bind, but it is not a contract to be entered into lightly. Be sure that once you find a payday lender, you get their terms in writing before you sign an agreement. You will be expected to repay the money loaned to you within two weeks of borrowing. If you are unable to pay the money back within two weeks, you may roll the loan over for two more weeks for an extra fee.

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• Introduction
• Step 1: Finding a Payday Loan Company
• Step 2: The Process
• Step 3: Rolling it Over
• Conclusion