A payday loan lender gives out small and short term loans, which is normally secured against a steady job, income, direct deposit bank account, verification on documents, and place of employment. The payday loan lender can be the organization, where the borrower works, or any other small chit funds, which carry government licenses. The payday loan lenders secure their money against the borrower's next pay check. We all know that legislation regarding the pay day loans vary, from country to country, but one thing remains common and that is that a payday loan lender has to rely on the borrowers payroll and employment records, or else, on failing to repay the loan, the lender will have to take recourse.
To define a loan - it can be stated as an amount of money, a principle, which is lent to the borrower and is obligated to repay the equal amount of the money in a speculated time frame, to the lender. The money is either paid back at one time or at regular intervals. Now, there are again variations in the payback structure, too. If the payday loan lender is a bank, who lends out large amounts of money.
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