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A pay day loan, sometimes called a cash progress, is a small, short-term, loan that is usually due in full on the borrower's next pay day. Many folks take out salaryday loans if they are unable to pay bills on their current paycheck, or to cover emergency expenses. salaryday loans are typically due after 1-4 months, and range in size from $50 to (the maximum amount may vary, relying on state laws). simply because of the short-term dynamics of pay day loans, interest rates are high, with an APR (yearly interest rate) usually between 390% to 780%.
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