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Payday loan
A payday loan is a loan for a short term that does not exceed $500 and does not require a credit check.
Though application for a payday loan is quick and easy with no documentation needed to be faxed, it comes at a very high price.
Check cashers sponsoring companies make short-term, high-rate loans, where a borrower writes a personal check for the amount he or she wishes to borrow.
The fees charged for payday loans normally go by a percentage of the face value of the check or a fee charged per amount borrowed.
Any extra extension of the loan will be tied to additional fees.
It all boils down to one thing – a payday loan, secured by a personal check is quite expensive credit.
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