Payday Loans Definition: A payday loan is a short-term loan where the borrower is expected to pay the amount in full by their next pay date or a similar time frame. Sometimes, when a borrower requires an extension, the lender will apply extra fees for a longer term.
These loans are called “payday” loans because they essentially borrow all or a portion of your next pay. Payday loans tend to have high-interest rates and may not require a credit check to qualify. Payday loans are also referred to as cash advances. Applicants must provide proof of steady income, banking information, an address, email, full name, and other pertinent details.
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