What lies behind the two words
Payday Loans? Let us begin with the clear definition of both terms. According
to Google English translation, Loans is defined as a type of debt. Like all
debt, it is an instruments, a loan entails the redistribution of financial
assets over time.
It it also termed as the sum of
money or other valuables or consideration which an individual, group or other
legal entity borrows from another individual, group or legal entity (the latter
often being a financial institution) with the condition that it be returned or
repaid at a later date, sometimes with an interest added.
These loans are the amounts borrowed
from banks, lending services, loan companies, finance houses, other business or
individuals.
The most brief and clear definition
of loan is a financial assistance that must be repaid.
On the other hand, payday means, the
day on which you receive pay for your work. It is also called the day of the
week or month on which an employee's wages or salary is paid.
Now, how do you understand payday
loans?
With the definitions above, we
simply define it as a small, short-term loan that is intended to cover a
borrower's expenses until his or her next payday.
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