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Ignoring Legal Restrictions: Payday advance lenders have been known to ignore usury limits. And charge higher amounts than they are entitled to by law.
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Let's take a look at some aspects of a payday loan and what they mean for potential borrowers. First of all, what is the premise of a payday loan? Payday loans are short term loans for small amounts that are intended to cover financial needs until an individual receives his or her next paycheck. Payday loans can be used for any purpose, but are usually reserved for extenuating circumstances when there are no other options to cover a financial burden.
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