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What is a payday loan?

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What is a payday loan?

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An explanation How it works A borrower gets a payday loan by writing a post-dated check, including finance charges, to a loan company for a smaller sum of cash immediately. For example, a borrower seeking a $300 loan writes a check to a loan company for $345.

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A payday loan is a short term loan usually up to $500.

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A payday loan is designed to be used for short-term financial needs. The due date will be your next payday (up to 18 days). It is not a solution for longer term financial problems for which longer term financing may be more appropriate. Payday advance fees are lower than many consumer alternatives.

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A loan based on your income with the flexibility of being paid off on your payday.

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Also known as payday loans, pay day loans or cash advances, a payday loan is a very short-term personal loan collateralized against your next paycheck. For many of our customers it’s the easiest and fastest way to secure quick cash between paydays. Simply submit an online application and your loan amount can be electronically deposited into your checking or savings account overnight. Your loan will be automatically deductied from your checking account on your next payday.

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