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Payday Loan: What Is It, Benefits, Terms and Rates

The US microfinance industry is divided into several distinct segments. Loans are issued by companies on various terms. The key differences include the amount, interest rate, term. Cash advance Detroit is the most widespread and demanded product among borrowers. What are payday loans? A payday loan (also known as a cash advance) is a type of short-term borrowing where a lender will extend high interest credit based on your income. The main features of the product: the amount – up to $1,000 and the term – up to 30 days. Payday lenders usually charge interest of $15-$20 for every $100…