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Pay day loans are a form of borrowing referred to as “high-cost, short-term credit”. You borrow between ВЈ50 and ВЈ1000 and pay the loan back with interest, within one re payment on or right after the next payday. This type of borrowing is commonly more costly than various other forms of credit.
There are more kinds of short-term lending, including:
- instalment loans вЂ“ repayments are spread weekly or month-to-month over several repayments, typically between three and a year
- вЂrunning creditвЂ™ or вЂflex creditвЂ™ вЂ“ the way in which this works is similar to a bank overdraft, borrowers and offered a ‘limit’ they can set up to as a once they need certainly to, provided they spend at the very least the attention off every month. (more…)