

Pros

A paycheck is at least $300 more affordable.

Cons

Not all payday lenders accept check payments.

Tips

If you do not have a check to receive a loan, consider an online account. Check your credit report as you would when applying for a loan. Find a payday lender through Bankrate.

What types of banks are open 24-hours a day? (We used Bankrate's Find a Bank tool to check bank hours in all 50 states and five U.S. territories)

Check your score to see if your account was closed due to a closed loan.

How do I open a payday loan for a personal expense? What kinds of fees are charged for loans to cover a personal expense?

Types of payday loans (and how they work)

There are a variety of payday loans, ranging from cash advances to savings options. When checking out a payday lender, you need to be aware of some common misconceptions with payday loans. We've listed all the common misconceptions below:

Cash advance: If you only need the money to pay the rent, the utility bill or the parking ticket, a cash advance may give you more than you need. In these situations, you won't need your check to pay your expenses.

If you only need the money to pay the rent, the utility bill or the parking ticket, a cash advance may give you more than you need. In these situations, you won't need your check to pay your expenses. Savings: Even with a loan, you still have to pay the loan principal and the interest if you lose your job, your income drops, or you owe the bank more than it originally agreed to.

Even with a loan, you still have to pay the loan principal and the interest if you lose your job, your income drops, or you owe the bank more than it originally agreed to. Cash advance: Sometimes, a cash advance is made over the life of your loan, which means you'll be responsible for the loan's principal and interest each month even if you use a debit card to pay your monthly bill. When you need money quickly, get a money-back-purchase card from a store like Walmart or Amazon. You can use these cards to pay for the initial payment of the loan and the interest on the next payments.

Sometimes, a cash advance is made over the life of your loan, which means you'll be responsible for the loan's principal and interest