Short on cash? Need money? With the high cost of living and the unpredictable circumstances we cannot escape everyday, these loans are an amazing tool invented to get cash when you badly need it. But how do these loans really work?
Cash advance loans give the borrower the amount of money he needs. The borrower writes a check of the amount needed with the payday loan company's fixed interest fee, and the money he needs is given right then and there.
The interest fee of a payday loan is usually a percentage the amount borrowed. For every $50 or $100 loaned, there will be an interest fee of $15 to $30. So a personal check of $115 ($100 borrowed money and $15 fee) will be on hold for up to 14 days or until the next payday.
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