Saturday, April 17
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Personal Loans

What is a Payday Loan?

Home Equity Loans, Personal Loans
A payday loan is a short-term loan with a high annual percentage rate. Also known as cash advance and check advance loans, payday loans are designed to cover you until payday and there are very few issues if you repay the loan in full before the payment date. Fail to do so, however, and you could be hit with severe penalties. Lenders may ask the borrower to write a postdated check for the date of their next paycheck, only to hit them with rollover fees if that check bounces or they request an extension. It’s this rollover that causes so many issues for borrowers and it’s the reason there have been some huge changes in this industry over the last decade or so.  How Do Payday Loans Work? Payday lending seems like a simple, easy, and problem free process, but that’s what the payday le...