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Payday loans are one option for those who are in need of a small loan for a short period of time. The need for this type of loan typically arises when an individual has unexpected expenses which result in difficulty paying the bills during a particular month. For instance, what if your car needs repairs, but you don't have the extra money to pay for them right now? A payday loan can help you get your vehicle fixed quickly. In this instance, you may only need a small loan and can repay the loan the next time you get paid. This scenario is very typical for payday loan applicants. The payday loan provides the borrower with a relatively small amount of money which must be repaid quickly.
|Jennifer Mathes, Ph.D.|