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Payday Loans - Are They For You?

published  First Published: 26/01/2010
Article written by: Darryl Houston
A payday loan is a short-term loan that is intended to cover unexpected expenses until the person borrowing the money has their next payday. Typical payday loans are between $100 and $1500, and are usually on a 30 to 90 day term, depending on State Laws.
Usually the borrower fills out the payday loan application online or over the phone, and once the payday loan is approved, the money is deposited directly to the borrowerís checking account.
At many payday lending companies, they save you the hassle of having to mail a check or drive to a payday loan store to pay back your online payday loan, and will automatically withdraw the money to pay back your short term payday loan on the payback date you requested when you filled out your application.
Many Payday Lenders do not require an intrusive credit check, to be approved for your fast cash payday loan. They loan to people from a wide range of credit scores, and base the amount of money you will qualify for off of your current  income, and focus less on past credit performances.
Payday loans are available to pensioners, but the maximum limit is generally $500, due to Government laws.
Most people apply for a payday loan online, and one service offered by Loans Australia, allows you to compare payday lenders as well.
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