Payday loans have renewed terms and conditions.

From now on, all payday loans will have a minimum loan amount of $100 and a maximum of $1,000. In addition, the interest rate will be 20% per month, and there will be no fees for paying off early. Payday loans are intended to help you bridge the gap between paychecks, but they can be dangerous if you don't understand how they work.

The new terms and conditions were announced today by the Bank of America, which said that they are "more in line with current regulations." The new terms include a 24-hour cooling-off period for those not sure about taking out a payday loan and a limit on the number of times customers can take out payday loans within a specific time period.