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A payday loan is one quick way to borrow money. The loan may be approved in as little as 24 hours. Payday loans are unsecured loans for a relatively small amount of money. These loans typically must be repaid within 10 to 15 days and have fees associated with them. The fees are usually a percentage of the total amount borrowed. If you are borrowing money with a payday loan, you will usually be required to fill out a brief application. The application may be completed online or in person and requires the applicant to provide information regarding identity and employment status. The applicant will also likely be required to provide a recent bank statement.
The application for a payday loan can typically be completed in a matter of minutes and because the approval process only involves verifying the applicant's ability to repay the loan, the lender can usually approve the application rather quickly. For example, many payday lenders guarantee applications received by 3 p.m. will be processed the next business day and if the application is approved, the funds will be distributed into the borrower's bank account on the same day the application is processed.
|Jennifer Mathes, Ph.D.|