Interest rates vary from about 390% to 780%. This amounts to fees per $100 of $10 to $30, in most cases. Your maximum first loan is like a test, and can range from $250 to $1500, depending on your income and the lending website. Some offer the first loan free but they charge a little more in fees, about $25 per $100 borrowed, with a medium maximum first loan of about $300.



Time periods for loans are the same as land loans, usually two weeks or until your next payday. Some offer longer loan periods like 60 days. You can normally extend the loan, or renew it, or roll it over a few times by paying an additional fee. Loans are received, in most cases, the next day by ACH deposit, although there are websites offering same day money.

Online payday loans work in the same way as land based payday loans. You must provide proof of income, usually at least $1000 a month, but not always that much. You have to send in a copy of a recent bank statement with a positive balance, either by fax or internet. You have to meet age requirements, and there is a limit to how many payday loans you can have active in a current period. Approvals are fast, either instant or they phone approvals quickly.

For pay offs, you can either pay the entire balance due, or may be able to pay the interest and roll the balance with a new fee, or pay down by paying the finance fee plus a portion of the principal and then renew at the lower rate. You can do this a few times, depending on applicable state laws.

The payday loan stores have access to information on any other loans you may have out. It is possible that if you have too many loans, or have rolled a loan too many times, that you may have to just pay it off at that time. There may be a waiting period between loans. Your payday lender terms of services will explain all these details. Online payday loans work just like land loans, only they may be easier for you to do and can save time.