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Your understanding of how a payday loan works will be very helpful in making wise financial decisions when you are faced with financial difficulty. We will take a look at how payday loans work.

How does a payday loan work?

Your payday check is what you use as security to get a payday loan. What this means is that you are getting a loan to be repaid either partially or in full by your next payday. You do not need to have a stellar credit profile to get a payday loan. Hence, whether you have good or bad credit doesn’t matter. The lender most times has the authorization to deduct their payment from your bank account when you get paid. This is how payday lenders tend to manage the risks involved.

What happens when it’s time to make your payment?

Payday lender charges you a fee for every $100 you borrow. This fee varies between $10 to $30, according to the Consumer Financial Protection Bureau. This fee varies from lender to lender.  As much as the fees may be, they can add up very quickly before you know it. For instance, an average $15 fee can easily accrue an Annual Percentage Rate (APR) of about 400% for a two-week loan.

On the payment date, you are expected to make payment for both the loan and the fee charged. If you can’t pay off the entire loan on your next payday, you will have to roll over the loan to the next month and you will be charged more for this by your lender. The fee charged as rollover can look small but if you keep rolling over the small fee can amount to a huge amount.

Why payday loans can be dangerous

A payday loan can be tempting. When you get the loan, you feel like everything is alright and you will pay on your next payday but this is not always the case. A whole lot can happen in-between time and you still have other expenses to cater to.

When your payday comes, you suddenly realized that after paying for some essential bills and you take out the money to pay the debt, what you have left might not sustain you until your next payday. Then you might want to request more time from your lender so that you can pay part and roll over the remaining debt. This will attract further charges and if care is not taken you might end up going round in such a cycle of debt.

The trick to avoiding this is to always get a small loan amount that will not hamper or alter your budget for the month. Resist the temptation to borrow more than you can repay on your next payday.

What you can do if you need cash before your next payday

Banks hardly lend money to those who don’t have good payment history or high credit scores because they see them as high-risk borrowers. This is why a payday loan is a fast route for people who have bad or poor credit.

In this kind of case where you can’t get a loan from your bank or other financial institutions, you can try some of the ways below;

  • Apply for a personal loan online

Most online lenders don’t usually consider your credit. Hence, you can get a loan with your bad credit. TFC Title Loans is one of the online lenders where you can take out a loan.

Online Title Loans From TFC

You can get an auto title loan from TFC by simply applying online or in an office near you and submitting only a few required documents. We will not leave you wanting to know if you are approved for the loan. Learn how the process of getting a loan works here.

Our loan experts will get across to you as soon as we get your application. Our interest rate is affordable and our terms are convenient to keep you out of financial pressure.

We offer same-day funding so you have nothing to worry about when you apply.

  • Use a credit card

If you own a credit card that is not maxed out, then it can be used to charge your expenses. The interest is lower compared to what you get for a payday loan and you have up to 30 days to pay back the credit card balance before it will start to accrue interest.

  • Salary advance

You can ask your employer for a salary advance if you need quick cash. Talk to them if they can help you out rather than taking out a payday loan.

  • Generate quick income

Look around if there are any available means of getting extra cash outside your current job. This involves starting a side hustle or selling some items in your house that you no longer need or wouldn’t need any time soon.

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan in your area today, we are able to help you with our large referral network.

We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.


DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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