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Cash Advances
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A payday loan or paycheck advance is a small, short-term loan that is intended to cover a borrower's urgent expenses until their next payday. Typical loans are between $100 and $1500, are usually on a two week term, and usually have interest rates in the range of 390 percent to 900 percent (annualized). They are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card.
Borrowers visit a payday lending store and secure a small cash loan, with payment in full due at the borrower's next paycheck (usually a two week term). The borrower writes a post-dated check to the lender in the full amount of the loan plus interest and fees. On the maturity date, the borrower is expected to return to the store to repay the loan in person. If the borrower doesn't repay the loan in person, the lender may process the check traditionally or through electronic withdrawal from the borrower's checking account. |
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Cash Advances
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Selecting the cash advance or payday loan provider can be a daunting task. Overpriced service charges, inconvenient hours, and unusual credit requirements can lead to uncomfortable experiences when dealing with cash advance moneylending institutions.
When selecting an appropriate payday loan service, it's important to do your research, as it is with any financial transactions. Whether you're used to dealing with a bank, credit union, or trust company, cash advance businesses don't always have that "hassle-free" service you're hoping to expect.
Understand, that these cash advance companies are in business to make money. And although they are providing a valuable financial service, don't forget for a moment that they're out to serve their own interests as well as yours. |
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