Stephanie's dog needed a costly surgeryImagine this scenario: Stephanie’s dog needed surgery. Although Stephanie had a regular job, she still needed a little extra money to afford the cost of the vet bill. She decided to apply for a payday loan because she knew her low credit score would prevent her from being approved for a personal loan or credit card.
Her local online payday lender took her income and employment into consideration and approved her application for a $300 loan. The loan contract clearly stated that the lender would charge 15% of the advanced amount in loan fees, so Stephanie had to make sure $345 would be available on the loan due date in three weeks.
She took on an extra shift at her work every week to make sure she had enough money, and by the end of the loan period, Stephanie was able to pay off her loan without incurring any extra fees.