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Payday loans are short-term loans that are typically due on the borrower's next payday. They are meant to provide quick and easy access to cash for individuals who are facing financial emergencies or who need temporary assistance until their next paycheck. Payday loans usually have high interest rates and fees, making them a costly form of borrowing. Critics argue that payday loans can trap borrowers in a cycle of debt, while supporters argue that they provide a valuable option for those with limited access to traditional forms of credit.

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