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Payday loans are a type of short term loan that usually run on a schedule of about two weeks, or are based upon the date of your next payday. The amount of money you may borrow depends not only on your current income, but sometimes other factors such as your length of employment, length at current resident, or if you are delinquent on any other payday loans. Although this may sound like many requirements, payday loans require a lot less for approval than a personal loan from a bank. After the payday company determines how much you can borrow, it will usually be within pretty modest limits, such as two or three hundred pounds, although typically more can be borrowed. Instead of placing any kind of collateral on the loan, you simply pay i back when you get your next pay check. If you don't pay on your due date, you have the option to "roll it over" so your loan term extends. Although you therefore don't have to pay on it's original date, the fees associated with the loan will continue to be applied. In today's sometimes up and down economy, and with many facing financial uncertainty, payday loans are a often quick, easy way to get you past a rough spot. Often when people face a sudden, unexpected expense, such as automobile trouble, medical emergencies, or personal emergencies, a payday loan can be a great source. Some people are unfortunately unable to turn to family members or friends in times of financial trouble, either because they don't feel comfortable doing so, or they unfortunately don't have family and friends to borrow from. Additionally, some people don't have personal lines of credit, such as credit cards, do not own a home and are unable to borrow against the home, or don't have anything else they can use as collateral on a loan. This makes using a payday lender a great, convenient option, especially since few payday lending companies require a credit check, and since they are such short term loans, the loan can be paid back quickly. Paying the loan back early can even save the borrower a large amount of interest. If a payday loan sounds like it would meet a short term need you may have, payday loans will be there for you in your time of need.
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