Pay Day Loan Basics

Pay Day Loan Basics Payday loans are short-term cash loans based on the borrower’s personal check held for future deposit or on electronic access to the borrower’s bank account. Borrowers write a personal check for the amount borrowed plus the finance charge and receive cash. What is the difference between a cash advance and a pay day[…]

Pay Day Loan: What are They?

Pay Day Loan: What Are They? A pay day loan (also called a pay day advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan, “regardless of whether repayment of loans is linked to a borrower’s payday.”The loans are also sometimes referred to as “cash advances,” though that[…]