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Once the information is processed and the loan is approved the amount is transferred into the bank account of the loan seekers within the same working day. In case of pending decision or large amounts it might take twenty four hours for the amount to get transferred into the individual's account. In contrast to the traditional loans, the payday loans do not involve excess documentation or running after the financial agents to get the loans approved. In most of the cases, the individuals repay the payday loans on their next salary day. The borrowed amount is deducted directly from their active accounts. The rate of interest is charged on the principal borrowed. The borrowers of the payday loan can opt for the following two ways to pay the lending company back;
The payday loan borrower can write a post-dated check for the full amount to the lending company
The payday loan borrower can also pay the lending company by transferring money from their accounts to the lending company's account.
Link: http://usa-payday.blog.hr/2011/10/1629542264/fast-payday-advance-loans-online.html
