A payday loan can be equated with an advance on one's paycheck. It is a small amount that anyone can avail of on a short-term, uncollateralized basis. The purpose of the loan is to meet emergency expenses till the next paycheck arrives. These unsecured lines of credit are fairly risky for the lender. Due to this inherent risk, payday loans have a higher Annual Percentage Rate (APR) compared to traditional bank loans. States across the US have varying laws to regulate the APR and other aspects of payday lending.
via usnewstoday.info
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