If you need some money and fast, you may be considering getting a payday loan if you have limited other options. The question is should you?

A payday loan is a short term cash loan that you later payback to the lender when you get your next paycheck. You will normally write the lender a check or have the lender take the cash directly from your checking account the following payday.

Payday loans can be really expensive if you keep rolling them into new ones and do not pay it back right away when you get your next paycheck. They are also considered expensive if you look at the fees and charges on an annual basis. However if it is just a short term loan that is paid back right away it can actually be less expensive then bouncing a check or several checks. So take it in perspective, in some situations it is actually cheaper to get a payday loan.

How much money are you allowed to borrow from a payday lender? The maximum amount of money you are eligible for depends on two things. 1. The highest amount mandated by state law and 2. What amount, if any, the lender decides to lend to you.

Do all states permit granting of loans payable on payday? No, some states have laws where payday loans are not legal. But in many states you are allowed to get payday loans or cash advance loans for a short period of time, usually about 14 days.

How long does it take to get approved? With the Internet you can now go online and find a lender offering a cash advance with immediate approval which is fairly common now days.

If you get one, just make sure to pay it back ASAP and do not roll it over.

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