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Payday loans, also often called cash advances, are short-term loans that many people use to meet their immediate or unexpected expenses. These types of loans are still somewhat controversial since some lenders tend to charge high fees and interest rates, but the vast majority provides an invaluable service, as banks are often reluctant to deal with small loans. Taking a payday loan is also much easier than borrowing money from the traditional lending institutions since most lenders do not run background checks, can lend money even to individuals with bad credit, and the approval process can take less than an hour.
This makes the payday loans an option that almost all of us can use in the case of unexpected expenses, medical emergencies, and temporary financial setbacks. These loans are regulated differently in the different countries, while the US the legislation also varies from one state to another. The maximum amounts, the terms of the cash advance, and the fees that the lenders can charge are typically regulated and although the amounts normally vary from $100 to $500, some states do not allow more than $300 to be borrowed, while others permit higher amounts.
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