Payroll Deduction Loan  

Payroll deduction loans are a type of loan in which payments are automatically deducted from the borrower’s paycheck. Employers or credit unions offer this type of loan.  It makes repaying loans easier for borrowers and can reduce the risk of missed payments for lenders.  

It’s like signing up for a Netflix subscription. You won’t forget to pay, as the money will be automatically deducted from your account.  

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