Payday loans are small sums, short-term, high interest loans. They are targeted towards those individuals who need a small amount of cash for a short period of time. It is the opportunity for individuals to get access to quick cash without the need for extensive credit checks. Those individuals who cannot attain credit cards, have no friends or family to loan them money, and cannot procure an advance from their employer, often have nowhere to turn for a bit of extra cash to fill a very short term need.
Pay Day loans has a variety of titles including; cash advance loans, check advance loans, quick cash loans, post-dated check loans, and deferred deposit check loans.
The borrower writes a personal check payable to the lender for the amount they desire to borrow plus the loan fee. The lending company then gives the borrower the amount of the check minus the loan fee in cash. So for example, if you wanted to borrow $100 for two weeks you might write a check for $115 and receive the $100 in cash.
A Payday loan is one of the most expensive legal lines of credit that a person can procure. (an annual interest rate of 400 700%), On top of that, unlike a regular...
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