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How Payday Loans Work

The process of obtaining a payday loan is relatively straightforward. You can apply online or in person at a payday lender's store. To qualify, you generally need to provide proof of income, a valid ID, and a checking account. Once approved, the funds are usually deposited into your account within 24 hours. However, it's crucial to understand the high interest rates and fees associated with these loans. The annual percentage rate (APR) can be quite steep, often exceeding 400%¹.