Payday loan is a generic name to a relatively new form of lending money. The name is derived from the fact that the loan is repaid in full in the next payday of the borrower, hence the name payday loan.

Payday loan is mainly used as an alternative to an overdraft facility for a person who find himself in the middle of the month with an urgent bills or expenses which could not wait till payday.

Although expensive, instant payday loan become more and more popular, hence, the growing number of lenders who join this lucrative market.

Payday loans is a win-win situation, the borrower is getting the money in an instant and the lender is safe and confident knowing the loan will be paid in full in the next payday, usually, by the end of the month.

Payday loan, also known as cash advance payday loan, is very simple to arrange, either online or over the phone. There is no need to meet face to face, or to fax any documents. If the person is over 18, in full employment and receive his wages into bank account which carry with it debit card, then the loan is advanced in an instant.

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