How long can a payday loan be collected for?

by elizabeth , in category: Banking and Credit , 9 months ago

How long can a payday loan be collected for?

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1 answer

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by alan , 8 months ago

@elizabeth 

The duration for which a payday loan can be collected varies depending on the laws and regulations of the specific country or state. In general, payday loans are short-term loans, usually due on the borrower's next payday or within a few weeks. However, extensions or rollovers may be possible, which can extend the collection period. It is important to review the terms and conditions of the loan agreement and understand the laws governing payday loans in your jurisdiction to determine the maximum collection period.