How do cash advance payday loans work?
What happens when you do a cash advance payday loan?
A cash advance loan works just like a payday loan. (Not surprising, since they’re the exact same thing.) To get one, you go to a payday lender and write a check. You date it for your next payday and make it out for the amount of the loan plus interest and fees. The lender will then give you cash or transfer money to your bank account. It’s yours to spend, but remember that check you wrote? As soon as your next payday arrives, the lender will cash it and the amount will be withdrawn from your bank account.1
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- “What is a Payday Loan?” Consumer Financial Protection Bureau, 16 March 2016, https://www.consumerfinance.gov/askcfpb/1567/what-payday-loan.html. Accessed on 25 May 2017.