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What are low interest payday loans?

A:

Quick Answer

Low-interest payday loans are unsecured loans with a low annual percentage rate (APR). TopTenReviews lists 100DayLoans, NetLoanUSA and 24/7 Loan as the top-rated payday loan according to overall ratings, loan features, ease of use and repayment terms.

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Full Answer

A payday loan is also known as a cash advance or check loan that is typically due on the next payday, notes the Consumer Financial Protection Bureau. The cost of the loan varies, but as a general rule, the APR is much higher than that of credit cards. Various state laws regulate payday loans when it comes to the amounts that can be borrowed and the fees charged.

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