What is a payday loan?

A payday loan is a short term loan that you promise to repay on your next paycheck. A payday loan is sometimes called a payday advance.

You usually have to repay your payday loan the day you receive your next paycheck or earlier (usually within two weeks or less). The amount you can borrow is usually limited to 50% of your net paycheck, that is to say the final amount you have left after any deductions from your pay, as taxes income. For example, if your net pay is $ 1 000 every two weeks, your payday loan could not exceed $ 500 ($ 1 000 x 50%).

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