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A payday loan is a type of short-term borrowing in which a lender extends high-interest credit based on your income. The amount lent is typically based on the income you will receive from your next paycheck. Payday loans are also called cash advances or check advances.
Payday loan lenders usually don't rely on a credit check. This makes it easy for identity thieves to use stolen information—anything from your Social Security Number to your banking information—to get a quick loan.
With the Payday Loan Lock, you can now help prevent someone from applying for unauthorized short-term loans like payday loans, high-cost installment loans, and rent-to-own loans. When the lock is in place, you get notified if someone tries to open a short-term loan on your behalf.
If you are planning on applying for a short-term loan, unlock your Payday Loan Lock before applying. Once your short-term loan application has been completed, please remember to set up your Payday Loan Lock again.
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