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Payday Loan

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Payday Loan
A transaction in which a Short-term Cash advance is made to a consumer in Exchange for a customer's post-dated check in the amount of the advance plus a fee, or in Exchange for a consumer's authorization to debit a transaction account in the amount of the advance plus a fee at a designated Future date.
    
A payday loan (also called a paycheck advance or payday advance) is a small, Short-term loan that is intended to cover a borrower's expenses until his or her next payday. Typical loans are between $100 and $500 and are due in two weeks, with Interest rates of up to 400% APR. On a two-week loan, fees average $15 for each $100 lent. The loans are also sometimes referred to as Cash advances, though that term can also refer to Cash provided against a prearranged Line of credit such as a credit card.
Posted by  Privatebanking.com
 
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