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Glossary of Payday Loan Terms and Definitions

Payday loans, short term loan, APRs, bad credit, rollovers and much more! These terms are used extensively in the world of payday loans but may be unfamiliar to many individuals who are applying for a payday loan. Even if you are familiar with these payday loan terms, we strongly encourage you to re-familiarize yourself with these terms to be on the same level of understanding as your payday loan lenders.

APR (Annual Percentage Rate)
The APR is the rate at which the borrower is charged by the lender for the convenience of approving and financing the cash loan. Rates vary from lender to lender. Always search for the lowest APR and lender that fit your needs.

Bad Credit
Bad credit or poor credit scores can make it difficult to get approved for a payday loan. Poor credit ratings can be caused by multiple late payments, exceeding credit card limits, outstanding loans sent to collections or declaring bankruptcy.

Cash Advance
A cash advance loan or payday loan is a service where lenders agree to an amount wired into the borrower's checking account until the borrower's next paycheck. Cash advances can range anywhere from $100 to $1000 with APRs varying depending on the approved loan amount.

Rollover
When approaching your repay date, you could be given the option to extend your borrowed amount till the following paycheck. When you do a payday loan rollover you will pay additional interest until you finish paying off your loan.

Those are the terms that are relevant to payday loans. People apply for a payday loan for several reasons, from bad credit to emergency quick cash loans until the next pay day. Whatever the reasons are, payday loans serve a primary purpose - providing cash relief when all else fails.

If you need a payday loan, you should be comfortable now knowing terms used in the industry. Get your emergency cash today and make sure you pay it back on your next payday.