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Popular Payday Loan Myths Debunked!

Submitted by on Tuesday, 28 July 2009View Comments
Popular Payday Loan Myths Debunked!

A payday loan is an instant cash advance that can help you meet expenses which your paycheck cannot cover. A payday loan is the ideal source of credit for a cash emergency because it is fast, convenient, secure, completely online and does not require any paperwork. A common myth associated with payday loans is that they have ridiculously high rates of interest. Critics of the payday loan industry talk about APRs of over 1000%, but this is just a number. What you need to remember is that a payday loan is a short-term loan, and in reality you will be paying an interest of 25% for a loan duration of one month.

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