Lemay Loans

Quick and Confidential



Q: What is a Payday Loan?

Q: Payday loans, small loans and deferred presentments are small, short-term cash advances that help you meet your urgent financial needs. For millions of people, these loans are a fast and convenient way to cover unexpected expenses such as car repairs and medical bills. A payday loan can even save you money by helping you avoid bounced checks and late fees on bills.

Q: When Should I Use a Payday Loan?

A: To help you determine whether a payday loan is right for you, we recommend you consider how you're planning to use it, how urgent your need is, and what your other options are. Payday loans can be expensive, so you should only use them after you've considered the facts and decided it's your best option. Here are some guidelines that may help you decide if a payday loan is right for you.

Q: What Do People Use Payday Loans For?

A: We recently surveyed our customers to find out why they use payday loans. We learned that 75% of our customers use payday loans to cover unexpected expenses or pay bills. The most popular reasons were to get a car fixed, pay for medical care or cover a monthly bill. If you're a little short on cash, a payday loan is a great way to save money by avoiding bounced check fees and late payment fees.


A loan from Lemay Loans is usually a better option than bouncing a check or using your bank's overdraft protection service. Each time you bounce a check, both your bank and the merchant will charge a fee. The total cost is typically $40 to $50 for each bounced check!

For example, let's say you have two bills due that total $200, and you don't have the cash to pay them right now. You could be facing bounced check fees of up to $100* (if you bounced both checks). A $200 loan from Lemay Loans would run you $36.**That's a potential savings of $70.

* Bounced check fees based on a $25 bank charge and $25 merchant charge per check (actual fees may vary.)

** Based on 14-day loan for $200. Rates will be as low as $36 with an APR of469.29%.

Check with your bank to find out what fees they charge for bounced checks (and don't forget to add in the merchant fees). A payday loan from Lemay Loans may be a better option. If you're like a lot of folks and sometimes bounce two or more checks, you can save lots of money by using Lemay Loans.

Q: Using a Payday Loan For Other Cash Needs?

A: Let's face it - sometimes you just can't wait until your next payday. If you have an urgent need, a loan from Lemay Loans may be your best option. For example, if your car breaks down and you might miss work, then a quick loan might be a smart option. Also, if you have an urgent medical need but are short on cash, a payday loan may be the right solution.

Millions of people use payday loans to cover these expenses because they are fast and convenient. However, we always recommend you look at all of your options before taking a loan from Lemay Loans.

Q: When Should I Not Use a Payday Loan?

A: Payday loans are not right for all situations. They can be expensive, so before getting a loan from Lemay Loans, we recommend you look into all of your options. Here are some options to consider before getting a payday loan:

    Call the company that sent you a bill and request an extension or work out a payment plan
    Cut back on other expenses such as dining out or entertainment
    Borrow money from your employer, a friend or family member
    Check into emergency assistance programs in your community
    Get an advance from your credit card provider or bank (make sure you understand all of the fees that may apply)

Depending on your personal situation, these may be less costly options than a payday loan. However, if these options aren't available, then make sure you find the lowest cost payday loan possible. Don't get fooled by low "introductory rates" that double or triple a few days later. Lemay Loans offers low rates every day.