The process of getting a payday lender’s loan is not a complicated one.
Most lenders require a minimum amount of money to get started, and the payday loan companies generally have a fee that is based on the borrower’s income and credit score.
The interest rate varies based on how many payday loans are being offered and the length of the term, but you can expect a higher interest rate on larger loans, as the amount of cash that the lender is offering can be more expensive than a traditional payday loan.
Here’s what you need to know to set your own payday loan, whether you’re considering getting one from a bank, credit union, or another payday lender.
The Basics of a PSA payday loan