Author Topic: Payday loans are short-term loans  (Read 537 times)

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Payday loans are short-term loans
« on: August 18, 2010, 09:21:54 AM »
Payday loans are short-term loans that are extended between two pay days. A payday loan is normally provided for 14 days. The borrower, on acceptance of the loan conditions, provides a check favoring the lender as security against the loan. On the due date, the lender deposits this check to recover the loan dues.
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