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A payday loan is a short-term, high-interest loan designed to provide quick cash, typically due on the borrower’s next payday. These loans are often used for urgent financial needs but come with high fees and interest rates, making them a costly borrowing option.

Payday loans are usually small amounts, ranging from $100 to $1,500, and are intended to be repaid in a single lump sum. They are accessible to individuals with limited credit history, as lenders often don’t require a credit check. Borrowers can apply online or at a payday loan store, providing proof of income, a bank account, and identification.

While payday loans offer fast access to funds, they can lead to a cycle of debt due to their high costs and short repayment periods. If a borrower cannot repay the loan on time, they may be forced to roll over the loan, incurring additional fees and interest, which can quickly add up. As a result, payday loans are often criticized for their predatory nature, targeting individuals in financial distress.

Consumers are advised to explore alternative options, such as personal loans, credit unions, or payment plans with creditors, before resorting to payday loans.