A payday loan, also known as payday advance, is a small short-term loan that is intended to cover expenses until next payday of the borrower. The loans are also sometimes referred to as cash advances, although this term can also refer to cash provided against a predetermined line of credit as a credit card. The legislation on payday loans varies widely between countries.
Some countries impose strict usury limits, which reduces the nominal annual percentage rate (APR) to any lender, including payday lenders, can charge, some payday loan in full without law, and some have very few restrictions on payday lenders. Due to the extremely short-sighted nature of payday loans, the difference between APR and effective annual rate (EAR) is significant, because EAR takes into account the composition.
Payday loans were devised especially to help people who needed cash quickly because of some unexpected emergency bill that needed to be paid straight away and they had no other way of raising the cash in enough time. Payday loans are convenient but convenience comes at a price and these types of cash advances should never be used to raise cash quickly unless it is absolutely necessary.
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