Payday Loan Glossary

Is this your first time taking out a payday loan? We know the process may be a little confusing for new visitors, but we're here to help! If you're having trouble with any specific payday loan terms, check out this informative FAQ section:

Accrue - The accumulation of interest on a payday loan.
Credit Score - A numerical rating of your credit history, used be lenders to help determine whether or not to approve new lines of credit. The majority of payday loan lenders do not take your credit into consideration when approving you.
Delinquency - To make late payments on a loan or debt. Delinquent loan payments may result in additional charges.
Default - Failure to repay a loan on the agreed upon date. Borrowers who default on their cash advances may have to take out another loan in order to cover the costs.
Lender - A bank, organization, or some other type of entity that provides money in the form of loans to borrowers.
Fee - A charge imposed by lenders for approving their loans. The payday loan lenders in our network have some of the lowest fees in the industry!
Maturity Date - This is the date in which your loan is to be repaid. Generally, a payday loan's maturity date is about 2 weeks after the loan is taken out.
Principal - The total amount of a loan. In terms of instant payday loans, it is simply the amount you are borrowing, not including interest.
Quote - A lender's estimated rate for prospective borrowers. Using our free service, you can get access to quotes and loan offers from all of the lenders in our network!
Rate - A loan's annual interest rate, typically expressed as a percentage. Don't settle for just any payday loan interest rate, use our free service to find the best rates possible!
Rollover - Sometimes called extensions, rollovers allow borrowers to renew their loans until their next paycheck, usually at a small fee. Contact your specific payday loan lender to find out if you can rollover your loan.
Secured Loan - A type of loan that is backed up with a borrower's collateral, such as their home or car. Payday loans do not require collateral and are not considered a secured loan.
Term - The length of a loan, as agreed upon by the lender and borrower. Most payday loans have very short terms, usually from 7-14 days.
Unsecured Loan - A type of loan that does not require one to pledge collateral. Payday loans and cash advances are types of unsecured loans.
Verification of Employment - A lender's confirmation that a loan applicant is currently employed. Some payday loans may require an employment verification for approval.