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Pay day loans: 4 things you should know

Pay day loans: 4 things you should know

A payday loan provides quick use of money however the price may be prohibitive. ( iStock )

For millions of Us citizens residing paycheck-to-paycheck, an urgent cost are hard to deal with.

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Pay day loans — little loans that are short-term to aid until your following paycheck arrives — might appear just like the solution. These loans do not typically require a credit check and offer access that is fast money. However the convenience may come at a really price that is steep.

What exactly is an online payday loan?

A payday loan is a short-term loan you are anticipated to repay within 2-3 weeks of borrowing. Loans are offered by online loan providers, through pay day loan apps, or from regional loan providers — however payday loan fast Virginia some states prohibit this type. Continue reading Pay day loans: 4 things you should know