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(-'-Q) 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.
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