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By: James Hudson

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Wednesday, 27-Apr-2011 20:35 Email | Share | | Bookmark
Consequences to Defaulting on Your Quid Loan

Payday fast cash loans are short-term loans based on the borrower's personal check, or pre-authorized bank draft, for future deposit. Borrowers write a post dated check for the amount borrowed and any interest or fees to obtain their money.
This is the lenders way of ensure he will have your repayment. With everything so convenient these days, some lenders are even willing to send cash to a borrower's account as well.
Lenders hold the checks until the next payday when loans and the money charge must be salaried in one lump sum. To pay a loan, borrowers can redeem the check by paying the loan with money, allow the check to be deposited at the bank, or just pay the money charge to roll the loan over for another pay period.
Payday Loan Terms
Payday loans range in size from $100 to $1,500 depending on legal state maximums. The average loan term is about two weeks.

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