Paday loans simply put are short term loans. For this reason they are often branded as Short Term loans.The techincal name for a payday loan is called a Deferred Deposit Transaction. Other names commonly used for payday loans include. Payday Advances, Cash Advances, and Check Cashing Loans.That is the short list of names they are often marketed as. They are short term becuase the loan period on the prinicipal is intended to be one to two weeks, or until the borrowers next payday. Paday loans are unsecured loans, meaning that the borrower is not requred to put up any collateral in order to qualify for the loan.
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FAQ: What exactly is a Payday Loan?
