If you are in need of cash, but your paycheck is still a few days off, you may think about taking out a guaranteed payday loan from a lending institution. It can be the fastest and easiest way to get the cash you are in need of. It is a temporary loan that can help you pay your expenses until you get your next paycheck.

If you decide that this is the way you want to go about securing some extra funds, make sure that you live in a state where it’s legal. There are multiple states in the U.S. that don’t allow this type of lending.

Finance charges for payday loans are generally quite high. The typical amount of interest charged is 10% of the loan amount. This might seem like a lot until you take into consideration that the term on these loans is usually two to four weeks.

Before taking out a loan of this type, make sure that you figure out how much you can reasonably pay back on your next pay check. Being late to pay these loans back can cost you some serious cash and the last thing you need is to dig deeper into a financial hole.

Some lenders will ask for a post dated check that they can cash if you don’t show up to repay the loan. They don’t cash it unless you don’t come in and if they have to, they will charge a penalty.

If you think that the payday store is going to cash your check, make sure you have funds available. People sometimes can’t pay back the loan and get deeper in the hole by racking up bounced check fees.

This type of loan is extremely quick and easy to get, but isn’t usually recommended. If you take out a payday loan, use it with extreme caution.