What is a payday cash advance/ payday loan?
A payday cash advance/ payday loan allows a customer to get a small amount of cash for a short period of time against his or her next paycheck or source of income. The customer writes a personal check and receives instant cash for that check. On the loan due date the check is either deposited, “picked up,” or “extended”*. These flexible payment options allow for the needs of the consumer to be met better than conventional sources of consumer loans. A payday cash advance/ payday loan gives the customer the ability to meet their financial obligations immediately without worrying about paying late fees to creditors or paying bank fees for returned checks. A payday cash advance/ payday loan gives the customer a source for preserving their credibility.
