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A payday loan is a small, short-term loan, ranging
from $100 - $1000. It gives an alternative, so the consumer doesn't have
to borrow money from family and friends, deal with bouncing checks or
give his/her personal property as a security deposit.
Consumers prefer payday loans to face small,
unanticipated expenses while avoiding costly bounced-check fees and
overdue payment penalties.
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