Tag Archive | “Deferred Deposit Loans”

What is a Payday Loan?

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Payday loans are known by many names. they are called cash advances, payroll advances, deferred deposit loans, pay day advances and paycheck advances, post dated check loans and so on.

The idea behind Payday loans and other terms stated above is same. These are all short term loans that become due on your next salary or pay check. normally the length of loan is shorten than a month.

payday-loan

Lenders charge you a small fee in exchange of few hundred or thousand dollars they lend you till your next payday. They are normally most expensive form of borrowing but can save you in time of dire need.

Most lenders, located near your place of business or residence, require a physical verification of your identity and ability to pay back as security for their pay day loan.

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