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How are payday loan companies different from other lenders?

Four things make them very different. . . .

1. Payday loan companies charge comparitively expensive fees. (See "How much more expensive is a payday loan than other credit?")

2. Payday loan fee payments are based on when a borrower's paycheck is paid instead of on a monthly schedule. (See "What is the best kind of payday loan?")

3. Unlike a bank or credit card company, a payday loan company is much more likely to accept a consumer who has a lot of debt or a poor credit history. (See "Who can get a payday loan?")

4. Payday loan companies are regulated differently than banks and credit card companies by Federal, State, and Local Government. (See "How are payday loan companies regulated?")

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How are payday loan companies regulated?

Related Tips

What is the best kind of payday loan? | How much more expensive is a payday loan than other credit?


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