How Payday Loans Work

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How do Payday Loans work?

A Payday Loan is a two to four-week short-term loan that’s due on your next payday. Getting one is easy. Simply choose an in-store or online Payday Loan (where available) and fill out your application. This is how a Payday Loan works:

Apply for a Payday Loan In-Store:

  • You can start your Payday Loan application online, or by visiting an Advance America center with ID, proof of income, bank statement, and personal check, (ACH and debit can be used as collateral in some states).
  • Examine the Payday Loan's terms and fees, sign the agreement, and write a personal check or provide an ACH or debit authorization (in select states) for the loan amount plus fee.
  • Make an appointment to return and repay the Payday Loan on your next payday.
  • Receive money on the spot.
  • Return to repay your Payday Loan on your due date and reclaim your personal check.

Apply for a Payday Loan Online:

  • Get started with a quick and easy online Payday Loan application.
  • After a few simple steps, you'll find out if you have been pre-approved.
  • Read the loan terms, review the fees, provide ACH authorization for payment and electronically sign the agreement.
  • Once your submitted application is approved, your Payday Loan could be deposited directly into your checking account as soon as the same day*.
  • Payment will be automatically withdrawn from your account on your previously agreed upon due date.

How much money can I get with a Payday Loan?

The amount of money you can get with a Payday Loan varies depending on your state, but payday loans typically range from $50 - $1,000. Once you enter your zip code or city, state, you can learn the Payday Loan amounts available in your area.

Understanding Payday Loan rates and fees

The fees associated with a Payday Loan are specific to your state. In most states a Payday Loan has a flat fee and does not accrue interest fees. Your average fee for a Payday Loan is $15 per $100 borrowed. This is a set price for a short term loan which makes a Payday Loan less expensive than missing a credit card payment or being late on a bill. Our fees comply with all applicable state and federal laws. Visit or call your local Advance America location. You can also learn more about our in-store and online payday loan rates and fees by viewing our Payday Loan fee slider.

*Online approvals before 10:30 AM ET (M-F) are typically funded to your bank account by 5 PM ET same-day. Approvals after 10:30 AM ET are typically funded in the morning the next banking day.