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Payday loan is a type of very short term unsecured lending common in the US and other countries. It is often linked to the borrower's 'payday', which is the day on which employees collect their salary. Payday loans are very high interest loans and usually have to be repaid on the next payday. The lender might verify salary income before offering payday loans. They are known by different names such as cash advance, paycheck loan and cheque loan.