What is a payday loan?

What is a payday loan?

Payday loans, according to the Consumer Finance Bureau, are short-term, high-cost loans—generally for $500 or less—that are typically due on your next payday. To ensure repayment, lenders often require borrowers to authorize an automatic debit of the loan amount on their next pay period or to write a pre-dated check for the full amount. 
 
Payday loans are no longer an option. When they were, payday loans were often utilized in emergency situations by borrowers with low credit. Payday lenders typically did not check credit histories or determine whether the loan could be repaid ahead of time. This often resulted in steep penalties or interest if a borrower defaulted on, or did not repay, the loan—which is a risky choice.

Does GoCredit.me offer payday loans?

No, GoCredit.me does not offer payday loans—but we can help you in a financial emergency. We offer savings and installment loans, which cover your quick-money needs by funding a portion of your loan ASAP and helping you build savings at the same time. These loans also give you the opportunity to build your credit history, making wiser loan options more available to you in the future than a payday loan.

Should I take out a payday loan?

The short answer: if you live in Oregon or Illinois, you have a better option. With the savings and installment loan from GoCredit.me, you get quick access to funds while you build your savings—and build your credit history. It’s Simple: Cash Loan + Savings!^SM Apply online and get your money as fast as today!†