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Payday loans are short-term loans that are meant to be repaid on the borrower's next payday. They are typically used by individuals who need quick access to cash but may not qualify for traditional bank loans due to insufficient credit history or other reasons.
Payday loans are usually offered by payday lenders, which are financial institutions that specialize in providing small, short-term loans. To apply for a payday loan, a borrower typically needs to provide proof of income, such as a pay stub or bank statement, and a valid ID.
Payday loans are usually for small amounts, typically ranging from a few hundred to a few thousand dollars, and are meant to be repaid within a few weeks.