Bam Payday Loans gives you access to cash in less than one hour. Bad Credit? No Problem, your credit is never checked. We can solve your cash crisis with a payday loan today. Don’t have a fax machine? Many of our lenders do a payday loan with no faxing. Need a payday loan fast? Cash can be directly deposited into to your bank account after your instant approval in one hour or less.

A payday loan is a small, short-term cash loan (typically up to $1500) without a credit check that is intended to bridge the borrower's cash flow gap between pay days. Note, however, that the term cash advance can also mean cash provided against a prearranged line of credit such as a credit card. Don’t let your car insurance payment bounce, get a quote today.

Our easy to use application takes only seconds and some of our lenders can approve your payday loan instantly. Since we represent over 20 of the largest available payday loan lenders, you can assure yourself you will get the right cash advance you are looking for. Our lender fees for a payday loan are some of the lowest around. Fees to payday loan are as low as $10 per $100 borrowed. At Bam Payday Loans, we make it affordable to have the cash advance you need.

The payday loan is typically given in cash and secured by the borrower's post-dated check that includes the original loan principal and accrued interest. The maturity date usually coincides with the borrower's next pay day. On the maturity date the lender processes the check traditionally or through electronic withdrawal from the borrower's checking account.

Payday loan lenders typically operate small stores or franchises, but large financial service providers also offer variations on the payday loan. Some mainstream banks offer a "direct deposit payday loan" for customers whose paychecks are deposited electronically. Some income tax preparation firms partner with lenders to offer "refund anticipation loans" to filers.

As of 2001, lending for a payday loan is legal in Canada and twenty-five of the United States. Elsewhere in the US, a payday loan lender may affiliate with an out-of-state chartered bank to conduct business.

As a form of sub-prime lending, such as high interest rate credit cards, a payday loan is the subject of controversy. Some critics claim that a payday loan targets the young and the poor, near military bases and in low-income communities, who may not understand the time value of cash. Others go further, comparing a payday loan to loan sharks due to high interest rates-- typically 250% or more when annualized.

There have been reported cases in which lenders of a payday loan have pursued criminal bad check charges, despite the fact that they (presumably) knew the check was bad at the time when it was written. Likewise, it is argued that the interest rates on payday loan lending unfairly disadvantage the poor, compared to the middle class who pay at most 25% or so on their credit cards.

For example, borrowers seeking a payday loan may write a post-dated personal check for $115 cash to borrow $100 cash for up to 14 days. The check casher or lender of cash advance agrees to hold the check until the borrower's next payday. At that time, the borrower has the option to redeem the check by paying $115 in cash, or refinance (roll-over) the check by paying a fee to extend the payday loan for another two weeks. If the borrower does not refinance the payday loan, the lender deposits the check. In this example, the costs of the initial cash advance is a $15 finance charge, or 391 percent APR. If the borrower chooses to roll-over the payday loan three times, the finance charge would climb to $60 cash to borrow $100 cash.

For example, borrowers seeking a payday loan may write a post-dated personal check for $115 cash to borrow $100 cash for up to 14 days. The check casher or lender of cash advance agrees to hold the check until the borrower's next payday. At that time, the borrower has the option to redeem the check by paying $115 in cash, or refinance (roll-over) the check by paying a fee to extend the payday loan for another two weeks. If the borrower does not refinance the payday loan, the lender deposits the check. In this example, the costs of the initial cash advance is a $15 finance charge, or 391 percent APR. If the borrower chooses to roll-over the payday loan three times, the finance charge would climb to $60 cash to borrow $100 cash.