Although the
payday cash advance is perhaps the easiest and most convenient loan as on date,
a majority of payday loan customers are very unhappy. The ease and convenience
attracts them but the high interest and the fee associated with the loan can
really break a borrower's financial independence. Since the loan is availed by
someone who is desperate for money, there is a tendency to agree to high rates
of interest. However, if the borrower is unable to pay the loan back on time,
it could spell trouble. That is why it is important to know what you are
getting into before applying for the easy-to-get payday cash advance.
What
is a payday cash advance?
A payday cash
advance is known by many names. They are sometimes called as cash advance
loans, check advance loans, post-dated check loans and deferred deposit loans.
The FTC (Federal Trade Commission) has named it 'Costly Cash'. Regardless of
the name, a payday cash loan is a very short-term, high interest loan where
people can get anywhere from $50 to $1,500.
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