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Pay Day Loans: Know Your Legal Rights. Pay Day Loan Drawbacks

Pay Day Loans: Know Your Legal Rights. Pay Day Loan Drawbacks

What’s a “Payday Loan?”

A cash advance is a short-term, high-cost transaction where a client borrows cash for something cost. The client writes a check that is personal the financial institution when it comes to quantity lent and the solution cost. The financial institution provides client the loaned amount and holds the customer’s check (usually through to the customer’s payday that is next before presenting the check into the customer’s bank for re re payment.