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Sometimes referred to as payday advances, cash advances, or paycheck advances, payday loans are short term loans that are usually issued for a fairly small amount of money.  These loans are meant to help the borrower cover his or her expenses until the time a paycheck is received.

Because of the recent financial reform, this form of lending has come under a bit of review lately.  Unfortunately, there are many unscrupulous lenders that take advantage of needy borrowers in times of hardship.  It is because of this issue that many states have now set forth stringent usury limits on interest rates and fees that can be charged to consumers.  Legislation governing payday loans is solely at the discretion of the individual states and varies a great deal.  While some states set strict guidelines, others have banned the practice of payday loans entirely.