The legalized Payday loan started in the 1990′s. The Idea was to allow anyone to take out a small unsecured loan and charge the customer a flat fee for the loan. The payback was due back in a short period of time. The consumer would make a check out for the loan with fees and post dated to the due date of the loan. Lender will hold the check until the original loan is paid off. Lenders will deposit the check on due date but most want cash brought to them in replacement of the check. Millions of consumers, even consumers with bad credit have utilized these vital financial services to provide a money resource until the next payday.

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