 The loans are often a one-time loan, not a revolving loan, and the loan payments are often made directly into an individual's bank account.

Paying for Lenders

There are many different types of payday loans and some payday loan companies are regulated as financial institutions. These are the four types of payday loans that are regulated as financial institutions in the United States:

Short-term payday loans are typically one-time loans that are generally for up to 15 days or less. Most of these loans cannot be extended to more than 30 days. As a rule of thumb, you are only allowed to put up to $2,500 in a payday loan.

are typically one-time loans that are generally for up to 15 days or less. Most of these loans cannot be extended to more than 30 days. As a rule of thumb, you are only allowed to put up to $2,500 in a payday loan. Permanent payday loans are long-term loans that can be extended for up to 90 days. These loans are intended to help individuals who have limited income and cannot make a regular payment on their existing loan.

are long-term loans that can be extended for up to 90 days. These loans are intended to help individuals who have limited income and cannot make a regular payment on their existing loan. Permanent payday loans are loans that are intended to be used as part of a longer term repayment plan.

are loans that are intended to be used as part of a longer term repayment plan. Permanent payday loans are loans that are intended to be used to pay for college expenses or to pay for other expenses that may be beyond the borrower's means.

Paying off a Loan

If you do not repay your payday loan, you could face fines or penalties from the lender. In some states, you could also be subject to criminal charges if you fail to repay your loan.

How Do You Get a Payday Loan?

You can get a payday loan from a number of sources.

Some payday loan companies are regulated as financial institutions. There are four types of payday loans that are regulated as financial institutions in the United States.