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Payday Loan Basics: Everything You Should Know Need is just too much? It's a pain to find your bank account empty. You're not alone. If you're in a sticky financial situation, you may consider payday loans for relief. But, is it the solution you've been looking for? Let's find out! Payday loans are small loans that borrowers can repay within the next payday. That's it! These loans are also known as cash advances. For you, the FDIC, we'll provide a technical answer: Is a short-term loan with a repayment deadline, usually ranging from 14 to 45 days in duration. The aim is to support customers who require funds for a short period. With these three characteristics, you know what to get: Short-term loans with short maturities that start on your next payday. Small sums of cash (sometimes only a few hundred dollars). High interest rates.
 
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