• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

GreenLeaf Loan Articles

Tax Refund, Personal, Payday & Cash Advance Loans

  • Website Home
  • Blog Home
  • Apply Now
  • Featured Tax Advance
Home » What Is a Payday Loan and How Does it Work?

What Is a Payday Loan and How Does it Work?

July 31, 2018 by Green Leaf Loan Group

What Is a Payday Loan and How Does it Work?

Payday Loans

All the things to know about Payday Loans

A payday loan is a type of loan that is very different from other personal loans. This isn’t the kind of loan that you get at the bank. It is unique and designed for real, working people. The key element of a payday loan is, of course, your pay. If you work full time and earn a regular income, you should have no problem getting approved for this type of loan. And, it will work around your pay schedule so it’s convenient and easy to repay and afford.

A Payday Loan is Based on Income More Than Credit

One of the most important things about a payday loan is that getting approved for it and the amounts approved are largely based on income, paycheck amounts, and your job history. Other types of loans, especially more traditional loans, are mostly based on credit. These two factors are very different and can mean the difference between getting approved and denied for a loan. If you have made some money mistakes in the past, there is a good chance your credit score isn’t great, and if it’s not then you may not be able to get a typical bank loan. Payday loans, based on income, are more forgiving and look at your earnings to give approval, not credit score.

Payday Loans Are Online and Mobile

Another important difference between these and other loans is that payday loans are available online. Apply online, get approved online in minutes, and even get your cash transferred virtually so you never need to go to the bank or anywhere else to access loans and cash. There is even a mobile app now that you can download just once and use again any time you need a payday loan. It gives you the convenience of being able to get to a lender from anywhere, so you’re not tied down to home or work or wherever you have access to a computer. Being online makes these loans convenient but also fast, so you get payday loan cash sooner.

Repayment for a Payday Loan is Also Based on Your Pay

Payday LoansWhen the due date on a payday loan comes up, you won’t have a chance to forget or pay late. This is because the lenders who offer these loans make every step of the process convenient and easy. All you need to do is be sure you apply with the information for the bank account where your paycheck goes on payday. The lender makes a deduction from that account on the day your loan is due, which is typically your next payday. This not only prevents you from forgetting to repay a loan, it also ensures you will have the money ready to pay it because repayment happens on payday.

The way a payday loan works is different from many other loans. In a lot of ways it’s much better. When you understand what these loans are, you can make the right choice about whether or not they are right for you.

What Is a Payday Loan and How Does it Work? By Eric Knapp – 7/31/18

Filed Under: best payday loan, Cheap Payday Loans, direct payday lending, Fast Cash Loans, green leaf loan group, green leaf payday loans, greenleaf loan group, Loans, online payday loan, payday loan online, payday loans Tagged With: fast cash, green leaf loan group, loans, payday loans, Quick Cash

Primary Sidebar

Recent Posts

  • Tariff Loans: A Lifeline in Tough Economic Times
  • Top 5 Reasons to Get a Personal Loan Online
  • Legitimate Payday Loan Options Available Online
  • How to Work with a Holiday Lender That Won’t Do a Credit Check
  • Do You Need Cash? A Christmas Loan Can Make It Possible!

Recent Comments

  • Small loans nz on Mobi Loans Does Not Have a Direct Lender Cash Advance Loan
  • Brigette on Cash advance loans in one hour or less
  • Rebecca on Green Leaf Loan Group Launches Onsite Blog
  • Anne on Turn to Fast Payday Loans When Things Break Down
  • Elizabeth on Why Same Day Cash Advance Loans Online Can Lead to a Bright Financial Future

Archives

  • April 2025 (1)
  • January 2025 (2)
  • December 2024 (1)
  • November 2024 (1)
  • October 2024 (3)
  • September 2024 (1)
  • August 2024 (2)
  • December 2023 (1)
  • September 2023 (2)
  • August 2023 (1)
  • October 2019 (2)
  • September 2019 (3)
  • August 2019 (1)
  • July 2019 (3)
  • June 2019 (4)
  • May 2019 (5)
  • April 2019 (4)
  • March 2019 (4)
  • February 2019 (4)
  • January 2019 (5)
  • December 2018 (3)
  • November 2018 (4)
  • October 2018 (5)
  • September 2018 (3)
  • August 2018 (4)
  • July 2018 (5)
  • June 2018 (4)
  • May 2018 (4)
  • April 2018 (3)
  • February 2018 (1)
  • January 2018 (4)
  • December 2017 (5)
  • November 2017 (4)
  • October 2017 (5)
  • September 2017 (3)
  • August 2017 (4)
  • July 2017 (5)
  • June 2017 (4)
  • May 2017 (9)
  • February 2017 (1)
  • January 2017 (5)
  • December 2016 (4)
  • November 2016 (4)
  • October 2016 (5)
  • September 2016 (4)
  • August 2016 (5)
  • July 2016 (4)
  • June 2016 (5)
  • May 2016 (4)
  • April 2016 (4)
  • March 2016 (5)
  • February 2016 (4)
  • January 2016 (3)
  • December 2015 (4)
  • November 2015 (4)
  • October 2015 (4)
  • September 2015 (3)
  • August 2015 (5)
  • July 2015 (3)
  • June 2015 (5)
  • May 2015 (4)
  • April 2015 (1)
  • March 2015 (3)
  • February 2015 (2)
  • September 2014 (1)
  • August 2014 (3)
  • July 2014 (4)
  • June 2014 (4)
  • May 2014 (4)
  • April 2014 (4)
  • March 2014 (5)
  • February 2014 (4)
  • January 2014 (5)
  • December 2013 (8)
  • November 2013 (8)
  • October 2013 (8)
  • September 2013 (6)
  • August 2013 (5)
  • July 2013 (7)
  • June 2013 (7)
  • May 2013 (6)
  • April 2013 (7)
  • December 2012 (2)
  • November 2012 (1)
  • October 2012 (8)
  • September 2012 (2)
  • August 2012 (2)
  • July 2012 (2)
  • January 2012 (1)
  • October 2011 (2)
  • September 2011 (3)
  • August 2011 (2)
  • July 2011 (2)
  • May 2011 (1)
  • April 2011 (2)
  • March 2011 (2)

Footer

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Copyright © 2025 · Genesis Sample Theme on Genesis Framework · WordPress · Log in