Loan Basics
How a short-term loan is actually put together.
Strip away the marketing and every payday or title loan is built from the same four parts. Know these and you can price any offer in your head.
Principal
The amount you actually borrow — typically $100 to $1,000 for a payday loan.
Finance charge
A flat fee per $100 borrowed, usually $10–$30, charged regardless of how few days you hold the loan.
Term
The repayment window — often just 7 to 30 days, tied to your next payday.
Collection method
A post-dated check or an ACH authorization the lender uses to pull repayment automatically.
From Application To Payoff
What the process actually looks like
Apply with basic proof
Photo ID, proof of income, and an active checking account — most lenders skip a hard credit pull entirely.
Sign the fee disclosure
Federal law requires the finance charge and APR be shown before you sign. Read this line, not just the loan amount.
Funds land, fast
Approval and funding often happen same-day, sometimes within the hour — part of why the fee is priced so high.
Repayment pulls automatically
On the due date, the full amount plus fee is withdrawn or the check is cashed — whether or not the funds are there.
Reading The Disclosure
Three numbers to find before you sign.
Every short-term loan agreement is required to spell out the same three figures under the Truth in Lending Act. Find them before you look at anything else on the page.
If a lender can't or won't show you all three before you sign, that's a signal to walk — not a formality to skip.
Run Your Own Numbers
the Signal Console calculator
Plug in any amount, fee, and term to see the real finance charge, total due, and effective APR — the same calculator lives on the homepage.
Open The CalculatorReady to see what else is available?
Compare payday, title, and personal loans side by side on the homepage, or browse lower-cost alternatives.