- Get up to $1500 in as fast as one hour

Many people panic when it gets to the end of the month and money is sparse, but short of selling all your worldly possessions, there is one option that is proven to help people out: payday loans. Payday loans, paycheck advances or cash advances – whatever you want to call them, they are a lifeline when you are in need of financial assistance. Loans are usually for anything up to $1,500, based on a two-week term and an interest rate of between 390% and 900%. These loans are often used as a last resort by people unable to get a bank loan, use credit cards or find another alternative. For people with a bad credit rating, payday loans can be the only option. The payday-loan process is simple: a borrower will visit a lending store and request a cash loan. The borrower then writes a check to the store for the full amount of the loan plus fees, dated to the borrower’s next payday. When payday comes, the borrower is expected to return to the store to repay the loan in person. Failure to do so will result in the check being processed, which can incur bank charges if the borrower has insufficient funds. The growth in the payday-loan industry has spilled over onto the Internet, with a number of websites now offering the same services as lending stores. Borrowers are now able to apply online, usually sending copies of a check and bank details. The loan is then deposited into the borrower’s bank account, with the full amount plus fees withdrawn on the borrower’s next payday. A payday loan should be used only when all other options are unfeasible because it is possible to become trapped in a cycle of taking out a loan one month, only to take out another loan to cover the initial borrowed sum the next.