Payday Loans – The Ugly Truth

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If you’re like most people, you’ve likely experienced at least one time in your life when you needed to pay bills or buy essentials, but didn’t have the funds to cover your expenses. You might have considered taking out a payday loan to float you for a while, especially if you didn’t have access to funds from credit cards or savings. Unfortunately, the consequences of getting a payday loan can be rather severe.

The idea behind payday loans is quite simple. You give a check to the payday lender for a small amount of money (typically between $500 and $1000), and the lender pays you the value of the check in cash, less a lending fee. After the term of the loan has come to an end (payday loans typically last less than two weeks), the lender deposits the check.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jay Fleischman, Shaev & Fleischman LLP | Attorney Advertising

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