payday loan is a short term loan designed to help consumers go through hard times. These loans are also called cash advances are usually borrowed for a very short period of time ranging from one week to one month and must be repaid when the customer receives their next paycheck.
In exchange for a payday loan, the customer must pay a fee which is usually fifteen to thirty percent of the loan amount.
So if a customer asks for $ 100, can be charged $ 15 to $ 30 depending on the conditions of their loans and their lenders. The average amount borrowed is usually ranges from $ 100 to $ 500, although some lenders may allow customers to borrow up to $ 1,000. The main advantage of payday loans, these loans do not require customers to submit a credit check.
Many consumers simply have no credit score needed to get credit cards or personal loans from banks. With a low credit score can get a loan virtually impossible. That is what attracts many consumers payday loans, which are among the easiest to obtain loans.
So if a customer asks for $ 100, can be charged $ 15 to $ 30 depending on the conditions of their loans and their lenders. The average amount borrowed is usually ranges from $ 100 to $ 500, although some lenders may allow customers to borrow up to $ 1,000. The main advantage of payday loans, these loans do not require customers to submit a credit check.
Many consumers simply have no credit score needed to get credit cards or personal loans from banks. With a low credit score can get a loan virtually impossible. That is what attracts many consumers payday loans, which are among the easiest to obtain loans.
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