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r checking account right after a payday. To avoid people closing their checking accounts to avoid paying the debt, most online lenders require a stable checking account and direct deposit. The fees for such transactions are usually nominal, especially for first-time customers. The typical first-time loan is $200 to $500, and depends on the amount of money brought home each month. While definitely not a long-term financial solution, getting a payday loan and paying it back on time does have many economic advantages. Most lenders will loan more money, even as much as $1,500 to repeat customers.

Written by: Stephanie Mojica Uploaded Date: 29th Jan 2009 Words: 260
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