This kind of loans came to solve a problem that before their appearance was almost impossible to work out: Getting finance in an emergency without enough time to apply for a personal loan. We are talking about a small amount of money (up to $2000) but needed within 24 hours.
As one can know by intuition, 24 hours is not enough time to process all the information regular lenders need in order to approve a personal loan. Thus, before the arrival of payday loans customers had no other choice but to resort to family or non traditional financial solutions usually illegal and extremely expensive.
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