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payday loan
Payday Loan
A payday loan is a short term loan. A
person borrowing this type of loan is normally getting a cash advance
against their paycheck. That is so because before you receive the loan you
must agree to repay it within 14 days or on your next pay day.
A payday loan is normally used
by most people as a way to get
emergency cash. You can use it for
what ever reason you deem necessary. There are no stipulations placed on
how you are to use the proceeds.
It
is easy to qualify for a payday loan. There is no credit check. You must
have a checking account, have proof of employment (at least 90 days) and
a current home phone number. You
can use a payday loan to borrow an amount as low as $100 or as high as
$1,000.
There is a fee of $20 per $100 borrowed
charged on each payday loan you obtain. I've found that to be the case
on some the better cash advance loans.
When paying back the payday loan you have
two options. You can either pay the fee only plus interest or you can
pay the entire balance owed plus fees.
Some payday loan companies allow you use the fees
plus interest payment option up to three consecutive times and then
afterwards the entire balance becomes due.
The payday loan is set up to be paid back
through a debit from your checking account on or the day you get paid.
Payday
Loans Online
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