What Is a Payday Loan?

A payday loan (also known as paycheck advance) is a short-term cash loan (usually of a small amount). The purpose of such a loan is to cover the borrower’s expenses until payday. Legislation on payday loans varies from one country to another and from one Australian state to another. While some states in Australia impose strict rules on loans – usury limits for example, limiting the nominal; annual percentage rate that any lender can charge – other states have very few restrictions on payday loans.

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