A payday loan is a high-cost, short-term loan meant to be repaid with your next paycheck. Learn what makes payday loans risky and compare cheaper options.

A payday loan is a short-term, high-cost loan meant to be repaid on your next payday. Payday loans are easily available if you’re 18 or older, have a valid ID, a bank account and proof of income.

Payday Loans: How Do They Work & What Do You Risk. iStock. Our evaluations and opinions are not influenced by our advertising relationships, but we may earn a commission from our partners’ links.

How Payday Loans Work Payday lending is permitted in 37 states, according to the National Conference of State Legislatures. The loans allow people to take a cash advance from an upcoming paycheck.

How Payday Loans Work Payday loans go by a number of names in different places around the country, and there is no universally accepted definition for them. But they typically are short-term loans ...

A payday advance company offers short-term loans at above-market interest rates on a short-term basis to consumers, including business owners, who otherwise might have a difficult time acquiring ...

What to consider before consolidating payday loans Consolidating payday loans can be a helpful way to get out of the debt spiral, but there are some things to think about before you commit, including: ...

How does payday loan consolidation work. Payday loan consolidation essentially means taking another loan — a personal loan, in most cases — and using those funds to pay off any remaining ...

Learn more about payday loans, including how they work, the pros and cons, potential alternatives, and how to make informed decisions about short-term borrowing.