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Payday loan

A payday loan is a personal loan made to the employed at a high interest rate to provide cash until payday.

A Bad Credit Payday Loan is the usual Payday Loan: an advance on your paycheck, which you can borrow for a fee. The main difference between Bad Credit Loans and the others is that lenders don't care if you have bad credit. No credit check is done. This is a great option if you can't get a bank loan, and need extra cash right now.

Expanded Definition

The interest rate is high because the loan is unsecured.

Most would be better off to borrow funds from other, lower-cost sources, such as a credit union, but these payday loans often go to those who have no credit rating and cannot qualify for other loans.

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