Payday loans, also called cash advance loans or fast cash loans,are short - term loans in which the borrower writes a post - dated check to the lender in exchange for a loan. For example, a borrower may write a post - dated check for $200, pay a $30 fee, and then receives a $170 cash loan. The lender agrees to not cash the check until the borrower s following payday, up to 31 days. While payday loans are known for their high interest rates and fees, the fact is that they do…
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