Everyone needs a helping hand at some time or other. That is what pay day loans are for! Pay day loans are short term loans that can help you cover bills, car repair expenses, medical bills or any other unexpected expense until you get to your next payday safe and sound.

In many cases, borrowers will write a post dated check, which is a check with a future date, to the online payday loan lenders. If the borrowers do not have enough money in their account, then the check will bounce. In cases like this, where the borrower does not have enough money to pay their pay day loans back, they can roll it over so that the loan period is extended. You do not have to pay it in these cases, but the fees do continue to accrue.

Of course, these pay day loans seem like they might come with incredibly high interest rates, like the kinds of things that loan sharks would use. So, to prevent usury, which is an unreasonable and excessive rate of interest, some jurisdictions limit the annual percentage rate (APR) that lenders, including payday lenders, can change. A lender, like the online loans kind, cannot use the criminal process against a consumer to collect any pay day loans, either.

If you have any questions about payday loans or anything, feel free to ask in the comments!