Much criticism has arisen in recent years in respect to a new type of short-term loan called a payday cash advance. Despite interest charges eating a higher than usual, these financial obligatory notes are attractive to some people who find themselves in financial despair.
This is a service provided that allows a worker or employed individual to draw cash either through a credit card or over the counter in a bank by postdating a check for whatever the amount is the borrower desires. In times of a cash shortage or when faced with financial difficulties in the face of urgent expenses, this can be one of the saving graces to a person who is no other way to obtain a short-term cash and up.
The attractiveness of these loans is that there is very little a person must do to be approved. Financial institutions which offer these only look for the borrower to be over 18 years of age, have a Social Security number, adding bank account with at least the borrowed amount in it, and to be currently employed in a position the person has held for over 90 days.
Come the date of the postdated check, a financial institution withdraws that amount plus any interest in other charges the borrower has incurred from his or her account. Typically, issuing financial institutions will advance the borrower whatever their typical weekly pay is at their job; thus the name payday.
With today's uncertain financial economy, in many people finding themselves with financial problems it is easy to understand why many people would use this type of short-term loan. Have you ever found yourself in a short-term financial crunch? Have you ever needed to make an emergency purchase in found yourself today without the credit limit on a credit card or with the appropriate amount of money in your bank account? If so this type of advance may be appropriate for you.
If you do decide to take out such an advance, make sure you read all of the fine print in understanding exactly what the interest rates are and any type of other add on charges you may incur if you are late in repaying the loan. Even though you have given the financial institution a postdated check, there's still nothing stopping a person from withdrawing all their money from their bank account. Although, these people who do this type of thing do not understand that they will end up paying additional fees to their bank for writing an insufficient funds check.
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