You write a post-dated check for the full loan plus fees, or authorize an electronic debit (ACH).
Payday lenders often charge a flat fee of borrowed. While this sounds like a "15% interest rate," the short term makes the Annual Percentage Rate (APR) astronomical. Payday Loan Credit Card Personal Loan Typical APR ~400% 12% – 30% 7% – 36% Repayment Lump sum (2 weeks) Monthly (variable) Monthly (installments) ⚠️ Key Risks PAYDAY LOAN
What is a payday loan? | Consumer Financial Protection Bureau You write a post-dated check for the full
On your next payday (usually 2–4 weeks later), the lender cashes the check or pulls funds from your account. The Real Cost (APR) PAYDAY LOAN