A payday loan is a short-term loan intended to cover expenses until your next paycheck. Payday loans are heavily regulated by state law and are not available in every state.
Where RMO offers payday loans:
- Only in states where RMO is licensed to make payday loans.
- Subject to that state's APR cap, fee schedule, rollover rules, and cooling-off requirements.
- Federal Military Lending Act applies — Military APR capped at 36% for active-duty servicemembers and dependents.
How an RMO payday loan works (where available):
- Apply online or in branch with proof of income.
- Loan terms are disclosed in writing per state requirements.
- Repayment is typically due in 14 days or on your next payday.
- Extension and rollover rules are governed by state law and vary widely.
Before choosing a payday loan, consider lower-cost options:
- An employer paycheck advance program if available.
- A credit union payday alternative loan (PAL).
- An RMO Personal Loan if you qualify.
- A negotiated payment plan with the creditor you owe.
If you do choose a payday loan, borrow only what you need and plan to repay in full by the due date to avoid rollover fees.