Payday loans are short-term, high-interest loans designed to supply people with quick money. Typically, the mortgage amount is small, often ranging from $100 to $1,000, and is usually due on the borrower's subsequent payday. These loans are usually unsecured, meaning that debtors do not need to provide collateral. The enchantment of payday loans lies in their convenience and pace; debtors can usually have funds deposited into their accounts within a couple of hours after applying. However, the prices associated with these loans can be high, with rates of interest generally exceeding 300% yearly.
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