It’s possible you clicked on this page because you found yourself asking aloud, “What is a paycheck loan? I know what a payDAY loan is, but a paycheck loan sounds like a totally different thing!”
Well, we hate to break the bad news to you, but it’s not.
A paycheck loan is a payday loan.
See, way back in the day, MTV was a crazy new TV station, people were celebrating good times (Come On!), Beyoncé and Justin Timberlake were still in diapers, and there were only 2 Star Wars movies. And back then, direct deposit wasn’t really very popular.
While direct deposit was invented in 1974 with the establishment of ACH, it took quite a while for it to catch on with most employers. So until it did, when people thought of payday, to them it was when they received their payCHECK, a literal peice of paper which they then cashed, and hopefully celebrated good times with. (Come On!)
So, if you needed extra money before you got your next paycheck, you got a “paycheck loan.” See how that works?
Nowadays, a lot of people never see their paychecks, physically (and figuratively, am I right??). We all have direct deposit, so getting our physical paychecks isn’t necessary. What matters to us is when our payday is. Because that’s when money magically* appears in our account!
So in modern times, paycheck loans and payday loans are both just synonyms of each other. They mean the same process today. Before you complain about how confusing that is, you should realize just how often this occurs. Take a look at the list below of often ambiguous terms for products and services we use all the time.
- Soda vs. Pop
- House vs. Home vs. Residence
- Hotdog vs. Frankfurter vs. Weiner
- Car vs. Automobile vs. Vehicle
- Subs vs. Sandwiches
- Pants vs. Slacks vs. Trousers
See? It happens all the time, and this is one more prime example.
Now, perhaps you’re reading this, and you don’t know what a payday loan is, so you’re still just as in the dark about paycheck loans as you were when you started this blog. My apologies, let me explain.
A paycheck loan is when we deposit cash today (like a couple hundred bucks) in your checking account and then when you get paid, we withdraw the money back (plus our fee). It’s a quick way to get cash when you need it before your next payday.
If you need money today, apply here.
If you don’t, then go ceeeeeeelebrate good times, come on!
*It’s not actually magic.