 A payday loan is a highly risky financial product that requires considerable financial responsibility for you. There is no guarantee that the borrower will pay off the loan in full, and you should always seek out a bank with a higher reputation that also offers a higher-quality repayment plan (and an affordable loan rate) than your existing financial institution(s).

How do I apply for and maintain a payday loan?

To apply for a payday loan, you will need the following:

Complete the application form, Payday Loan Application, provided by the lending institution. Get a copy of the application. Note that you must complete the application form in English. If you need help on the form, you can search online or phone the lending institution's local number to speak with a counselor. Complete the application as long as the loan is in your name and not for another person. If you do not have a written record of income, you would not be able to maintain the loan.

How long will I be able to get a payday loan?

Payday lenders offer a range of different interest rates and repayment plans, but usually last for six (6) months, for as little as one-third of the minimum payment. For more detailed information, please see our chart below. Each lender will offer its own fee schedule based on the loan type, and may vary in the rate and monthly payment amount that they offer.

In addition, lenders do not always offer the shortest or most effective repayment plan. They are often willing to take a risk with the borrower. Some lenders will not give a return on a loan that exceeds 80% of the monthly loan balance. Others may allow you to put up another $50 to start paying your loan off. Others are less forthcoming about their return schedules or may only offer a return of 30%, 45%, or 60% of the loan balance.

Once you are approved for a payday loan, the loan is yours. Some of these lenders may require a proof of income, such as an email address. To make sure you actually have the money, you can get a certified copy of the bank's last available statement.

How should I finance a payday loan?

In general, borrowers should try to have their total monthly payment lower than the $1,500 federal minimum. This will encourage lenders to pay you more, and will encourage you to get another loan as soon as possible. However, if you cannot reduce your monthly payment, then you might prefer the convenience of paying