Definition: Payday Loans

Payday loans are small cash advances. Payday loans are also referred to as payroll loans, payday advances, paycheck advances, or payroll advances. Payday loans are small personal loans that you borrow from payday loan companies. Payday loans are short term loans that are meant to be paid back within two weeks but there are other repayment options which we'll talk about later.

Price: Payday Loans

Payday loans are free if you are a first time payday loan customer. You don't have to pay any interest or fees on your payday loans if you are a new payday loans customer. If you are not a free payday loan customer then you have to pay back a certain finance fee when you pay back your payday loans. At Mypaydayloan.com payday loans cost $25 for every $100 borrowed.

Repayment: Payday Loans

Payday loans are two week loans. You will select your repayment date for your payday loans on the payday loan application. Even if you do not get paid every two weeks you must still make some payment on your payday loans every two weeks. If you don't want to pay back all of the payday loans in two weeks you can extend your due date by paying only the minimum service fee. You must submit a payment request if you do not want to pay back the entire amount of your payday loans at once. Instructions on how to make payment requests and how to pay back your payday loans will be emailed to you as soon as your payday loans are approved.