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A payday loan is a short-term loan that can help you cover immediate cash needs until you receive your next paycheck. These are small-dollar, fee-based loans with repayment normally due on your next payday. Terms vary based upon state law, so there are variations in size, length, and fees allowed for these loans. Payday loans function differently than personal and traditional consumer loans. Depending on where you live, you can get a payday loan online or through a storefront location of a payday lender.
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Allison Bieghler
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