Payday Loans Definition, translation and meaning : the “payday loans”, an English term that in Italian can be translated as “payday loans”, are a particular form of loan through which a financial company grants a short term small loan at applicant and this loan is then collected on the day the applicant receives the salary (the payday, ie the date of payment of the salary).
In practice, it is a short-term loan granted to cover unexpected expenses a few days before payday.
Their duration is in fact usually one or two weeks.
This is a very common form of loan in England, the United Kingdom and also in the United States, where the payday loans business is very flourishing.
Sometimes they are also called “payday advance” as it is a sort of advance on the salary.
Interest rates are usually high.
Find a payday loan online
Payday loans are short or very short term loans (one or two weeks), which are repaid on the next payday, ie when the salary is received.
They are issued by financial companies. Whoever requests the payday loan goes to one of these financial institutions and asks for a small amount in cash. At the same time, he signs a post-dated check (on the salary collection date) for the loan amount plus interest.
In other cases, it is also possible to request payday loans directly online, go to site. On the date of the next payday, repayment of the loan and interest takes place via electronic withholding on the account.
Depending on the issuing financial companies, checks may be required on the applicant’s previous pay slips or not.
What are they for
Usually, these loans are requested by those who urgently need liquidity to meet certain urgent deadlines such as the payment of rent, bills or to meet a sudden and unexpected expense (for example a session at the dentist, a plant failure plumber, or other).
It is practically a loan that serves to be able to face a financial emergency in the period preceding the date of the paycheck.