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A payday loan is a short-term, expensive loan that must be repaid on or before your next payday, regardless of whether your income comes from job or government benefits. Online payday loans can be a lifesaver if you need quick cash. How Do Online Payday Loans Work? Payday loans work differently from personal and other consumer loans. Depending on where you reside, you can obtain a payday loan online or in a physical branch of a payday lender. Because payday lenders do not examine your credit, they are gambling on your promise to repay; as a result, they charge high interest rates and costs to compensate for the risk that you will not. Many financial experts warn against using payday loans due to the hefty interest rates. How Much Does a Payday Loan Cost? The cost of payday loans varies by state and lender. For example, some jurisdictions regulate how much consumers are permitted to borrow and how much lenders can charge fees. In many states, fees are charged at a fixed rate, often ran...