Even though it's tempting to take out a payday loan right away if you need money quickly, you need to know about all of its different parts in order to handle the loan in a smart way. When salaried people need money quickly but don't have enough, they often turn to these loans. Most of the time, the loan is put into the borrower's bank account within 24 hours.
The way these loans work is like this. The borrower writes a personal check for the amount they want to borrow plus a fee and sends it to the lender. Then, the lender sends the borrower the loan check, less the fee, to his or her bank account. If the borrower wants to keep the loan for a few more weeks, the lender will have to charge an extra fee.
We could say that these loans are backed by your next paycheck. So, the first loan approval is only good for two weeks. You can borrow from anyone.
