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What is a payday loan?

Wondering what a payday loan is or what is the definition of a payday loan? A payday loan is a relatively small short-term loan that is due at the borrower’s next pay date, usually falling between 8 – 30 days away from the borrowed date.

A payday loan is also known as:

Payday Loans Vs. Traditional Personal Loans

Ok, what is a payday loan and how does it compare to a traditional personal loan? Borrowers looking for quick cash assistance typically find payday loans of benefit because they are much easier and faster to obtain than traditional personal loans. However, payday loans must be paid within 2 – 4 weeks whereas traditional loans are repaid over months or years typically. Payday loans typically range from $100 - $800 whereas traditional personal loans typically range from $5,000 to $50,000.

With a short loan application, a borrower can receive money from a payday loan usually within 1 – 3 business days. At Pay1Day.com, a customer can receive funds within 1 business day. With a traditional personal loan, requirements and procedures are usually more rigorous: Applications can take hours, approval requirements are more strict and can take days, and borrowers typically receive the funds within weeks.

Because of the ease and quickness of a payday loan, customers can receive immediate cash assistance to cover bills and other expenses without the hassles of long applications or wait time.

Payday Loan History: From paycheck cashing stores to online payday lending

Traditionally, those who needed some extra money in between paydays would visit a paycheck cashing store, fill out a paper application, post date a paper check, receive their funds in the store, and then have their paper check cashed by the store at the later date.

What is a payday loan? A payday loan is like a paycheck cashing store. You can think of Pay1Day.com as an online paycheck cashing store. Simply put, we have put a paycheck cashing store on the internet to provide customers with the convenience of not having to drive to a paycheck cashing store, wait in line, or fill out paper applications. Customers can apply for a payday loan from the comfort of their own home, get an instant approval, and get money wired directly into their bank by the next business day. We have simplified and streamlined the payday loan process so that our customers get the best quality of service with the most ease and convenience as possible.