Payday loans are fast cash advances given out to consumers in need. These are different from traditional loans. There are special companies which give out thee loans. They are called payday lenders. Payday lenders are both store-front, and online.
Payday loans are short-term loans for a small amount of cash at a very high rate of interest. The amount of the payday loans is usually a percentage of the borrower’s salary. Traditional paydayloans usually have a tenure of 2 weeks to 4 weeks, such that the due date is set as soon as the salary is credited in the borrower’s account. On the due date the borrower must pay back the borrowed amount, the interest accumulated, and any other charges that the lender has put in the agreement of the loan.
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