A payday loan is a short-term, unsecured loan of $1,500 or less that must be paid back within 62 days. It is called a payday loan because typically a person who needs money borrows it with the promise to repay the next time they get paid. The borrower provides a post-dated cheque or completes a pre-authorized debit form allowing the lender to withdraw the funds from the borrower’s account on the agreed upon date.
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