Learn more about payday loans, and how they work

What is a payday loan?

Payday loans (sometimes called a payday cash advance) are short-term, small-dollar loans meant to help people make it to their next payday. They typically carry higher interest rates than other loan products and are primarily used by people with bad credit scores. They’re pitched as a quick and easy solution, but they’re anything but safe.

Unsecured loans

Payday loans are unsecured, meaning they don’t require any collateral to get one.

Interest rates

The interest rates are usually higher because the lender isn’t guaranteed to make back their money if the customer can’t repay the loan.

How do payday loans work?

Confirm, check and deliver cash

A payday lender will confirm your income and checking account information and deliver cash then and there at a store or, if the transaction is done online, as early as the same day.

Signed check or permission

In exchange, the lender will ask for a signed check or permission to electronically withdraw money from your bank account. The loan is due immediately after your next payday, typically in two weeks, but sometimes in one month.

Repaying

If the loan is issued at a store, you may return before or on the day the loan is due to repay. If you don’t show up, the lender will run the check or make the withdrawal for the loan amount plus interest.

Basic Requirements for Payday Loans

According to the government’s Consumer Financial Protection Bureau (CFPB), to qualify for a loan, most payday lenders only require that borrowers:

Be at least 18 years old

Have an active checking account

Provide some proof of income as well as valid identification

Why Express Payday Loans?

Poor credit considered

These loans are often available to people with less than perfect credit score

Fast approval process

Easy and quick application

Branch location

Our branches are conveniently located in the city

Licensed and regulated

Express Payday Loans is licensed by OFR, and regulated by state and federal laws

Apply for a loan today

If you’re looking for a short-term loan, we are here to help.

Payday Loan Amounts

Qualifying loan amounts vary depending on the borrower’s income and the payday lender, although most states have laws establishing maximum payday loan amounts.

Some states even limit the ability of borrowers to have multiple outstanding payday loans in an attempt to keep consumers from borrowing large amounts at extremely high interest rates.

Does paying back payday loans build credit?

Firstly
Paying back a payday loan doesn’t usually build credit. Most payday lenders don’t report on-time payments to credit bureaus, so the loan can’t help your credit score.
Secondly
Paying back a payday loan doesn’t usually build credit. Most payday lenders don’t report on-time payments to credit bureaus, so the loan can’t help your credit score.

Why you should choose Express Payday Loans?

We are really help

The bottom line is that if you are looking into payday loans, you more than likely need money ASAP. Express Payday Loans understands and will work with you to make sure you receive the money you need as quickly as possible.

We are really help

The bottom line is that if you are looking into payday loans, you more than likely need money ASAP. Express Payday Loans understands and will work with you to make sure you receive the money you need as quickly as possible.

Visit One Of Our Branches Today

If you’re looking for a small dollar loan, we are here to help.
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