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A fast payday loan is a short term unsecured loan that is intended to cover a borrowers expenses until their next paycheck. Payday loans are also usually called cash advances. These loans can assist borrowers with unexpected expenses as well as help them through a cash shortage.
The borrower will issue a check to the lender that covers the amount of the loan in addition to any fees associated with borrowing the money. The lender will then deposit the check on the due date to recover the loan.
Fast Payday loans can typically be approved within 2-3 business days and deposited into the borrowers checking account. Some companies can even approve a loan within 24 hours. The term fast payday loan however can often be deceiving since access to the money can often take up to a week.
Payday loans typically range from $100 to $500 and are usually due within two weeks. One disadvantage of obtaining a fast payday loan is the interest rate, which is usually quite high, often ranging from 300 to 1000 annual percentage rate.
Fast payday loans can be obtained several ways including online, local offices, and some companies offer approval over the phone. Companies do provide information on the approval and deposit process if requested, so that you as the borrow can make an educated decision.
As with any loan, make sure that you have a clear understanding of the legal documents and any terms and conditions that you are signing.
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