Payday loans are often expensive, with fees and interest that can quickly add up. Many states regulate payday lending, with restrictions including fees, maximum loan amounts and rollovers. Borrowers can find lenders at payday loan stores, check-cashing businesses or UT pawn shops.

Online payday lenders often offer fast approval and funding. Credit score rarely plays a role, and no collateral is required.

Quick

While payday loans might seem like an easy way to get cash quickly, they often come with high fees and PA interest rates. These fees can add up to more than you might expect, and they may trap you in a cycle of debt.

To repay a payday loan, you usually write the lender a postdated check for the full amount of the loan plus fee and provide them with authorization to electronically withdraw funds from your bank account. These transactions typically occur within two to four weeks.

A typical two-week payday loan of $500 charges $15 per $100 borrowed, which equates to an annual percentage rate (APR) of nearly 400%, according to the Consumer Financial Protection Bureau (CFPB). Credit counseling agencies might be able to help you work out a payment plan that can obviate your need for a payday loan.

Easy

A payday loan can appear easy to obtain, but the interest rates are often quite high. You can also end up paying more in fees if you're not able to pay the full amount when it comes due.

Some lenders are regulated by the Financial Conduct Authority, and you should check their details on the FCA website before agreeing to take out a payday loan. It's also worth considering whether you could find an alternative way to deal with a short-term cash flow problem, such as asking your credit card issuer to reduce your interest rate or getting debt advice.

Alternatively, you may be able to borrow from a friend or family member who can lend you the money without charging interest. However, this can turn a personal relationship into a business one and you should make sure you're comfortable with the arrangement.

Flexible

A payday loan may seem like a good option when you need extra cash, but it can trap you in a cycle of debt. You can borrow money from friends or family, take out a personal loan with a lower interest rate and pay it back in installments or use a credit card that offers a low cash advance fee.

Personal loans are typically unsecured and don't require a credit check, but you'll have to provide verification of income and other information. Some lenders allow you to prequalify online and shop around for the best rates without affecting your credit score. You can also try a payday alternative loan from a credit union, which is often available to people with bad credit. These loans are typically a few hundred dollars and have preferable fees to payday loans.

Affordable

The deceptively easy loaning process of payday loans (often provided in stores that also sell other financial services, such as check cashing and pawn) often lures consumers into a cycle of debt. According to a study by the Consumer Financial Protection Bureau, borrowers who renew payday loans pay an average of $520 in fees for what was originally a $375 loan.

Other short-term loan options, such as personal loans, can be more affordable and reliable. You can even find unsecured credit cards designed for those with poor credit that report positive payment history to the credit bureaus. Also, consider asking your creditors to work with you on a payment plan when you find yourself struggling to repay your bills.

Reliable

If you need a quick loan, consider alternatives to payday loans. Local credit unions and banks often offer personal loans with lower interest rates than those of payday lenders. You could also talk to your employer about a paycheck advance policy. Some employers allow you to postpone a payment on an existing paycheck, while repayment is deducted from future checks.

You may be able to borrow from family members or friends if you need cash quickly. Alternatively, you might be able to find a personal loan with a better interest rate from one of the many lenders that offer loans for people with bad credit. You can also try a short-term loan from an online lender, such as Upstart or Alliant Credit Union. Some states have caps on Payday Loans Wilmington loan interest rates, and some lenders have stopped offering payday loans altogether.