Payday loans, sometimes called paycheck advances or cash advances, are small, short-term loans. (Dont confuse this cash advance with the term used when you borrow money against a prearranged line of credit. They are far from the same thing.) These payday loans do not require a credit check and are typically for amounts smaller than $1500. This kind of loan is normally to help the borrower get by until their next paycheck when money is tight.
How you go about getting payday loans is simple. The simplest way to receive payday loans is to give the lender a post-dated check, which will include the money borrowed plus interest. The borrower will get cash in return and the lender agrees to hold the check until the borrowers next payday. On the date indicated on the check, the lender can process it normally or electronically withdraw the money from the borrowers checking account.
Today, you can find lenders that offer payday loans everywhere. Most often, they work out of small stores. However, even large banks and financial service providers have begun offering various forms of payday loans.
A new variation on payday loans may be available from your regular...
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