"Payday Loan" and "Cash Advance", what are they?
-The term "Payday Loan" or "Cash
Advance" refers to a short term cash loan where money
is directly deposited into your personal checking account,
then the cash advance funds, along with a fair fee, are
taken out of your account at the end of the loan. These
funds can be used however you choose and are generally used
when you need some cash in between paydays... hence the
term "Payday Loan". Since this cash is really
an advance on a paycheck you will recieve in the future,
the loan is also called a "Cash Advance". Whatever
you want to call it, it's cash when you need it most.
|
