Payday Loans: Fast Cash for Unexpected Expenses

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What Is a Payday Loan?

A short-term loan, typically of a relatively small amount
A loan to help you cover expenses until you get paid again
A loan you pay back with your next paycheck (or with your next two paychecks)

Payday Loans vs. Installment Loans

Traditional payday loans aren’t the same as installment loans. Personal loans are a type of installment loan. Check out how these two credit options differ:

	Payday Loans	Installment Loans
Helps you cover unexpected expenses	Yes	Yes
Loans limited to a small amount (A few hundred dollars or less)	Yes	No
Limited to how much you can pay back within a few weeks or on your next payday	Yes	No
How long you have to pay it off	A couple of weeks	Ranges from a few months to one year
Interest rate	Relatively high but charged as a fee for a short-term loan	Varies depending on your credit score and other factors

Our Office

1-800-516-7840
Monday to Friday: 7 AM – 6 PM
Saturday: 7 AM – 4 PM

3500 Hulen St. Suite 201
Fort Worth, TX 76107

Payday Loan FAQs

How do you get a payday loan?

You get a payday loan by applying with and being approved by a payday loan lender. Payday loans typically don’t require a credit check or good credit, but you may need to provide checking or savings account information. Many payday lenders require automatic payments on the loan.

Where can I get a payday loan?

You can get a payday loan at a local payday loan lender or online. In 2021, Wise Loan will begin offering payday loans online. Some states do ban certain types of payday loans, so your access to payday loans might be limited depending on where you live. Always check the fine print for any lender you’re considering to see which states it can provide loans in.

What do you need for a payday loan?

Requirements vary by lender and location, but commonly you only need the following for a payday loan:

A legal form of ID
A checking or other qualified banking account
Paycheck stubs or other documents proving how much you make
An address and phone number

How long does it take to get a payday loan?

Most payday loan applications take only minutes to complete. If the application is approved, you typically receive your money the same or next day. Some lenders provide instantaneous funding via debit card or check. At Wise Loan, Instant funding is an option for those that apply and are approved before 5:30 pm CT and who have a Visa or Mastercard debit card associated with their checking account. With instant funding, you can receive funds from the loan the same day the loan is approved. However, how fast you receive funds depends on your financial institution’s processes.

How is the interest rate on a payday loan calculated?

Most payday loan lenders charge fees instead of direct interest. But those fees are how much you pay for the privilege of borrowing the money, which is the same thing as interest. You can convert the fees to APR, which is an annual percentage interest rate, with the following formula:

(Amount of fee / Amount borrowed) x 365 x 100
Length of repayment terms in days

How do you pay back payday loans?

Typically, agreed-upon payments are deducted automatically from your checking account on or after your payday. You might agree to pay the loan back over one or two paydays. If you know you can’t pay the loan back on your next payday, you may be able to contact the lender and roll it over, creating a secondary loan you can pay back in a few more weeks.

The recommendations contained in this article are designed for informational purposes only. Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.