A pay day loan вЂ“ which can additionally be known as a вЂњcash advanceвЂќ or вЂњcheck loanвЂќ вЂ“ is really a short-term loan, generally speaking for $500 or less, that is typically due in your next payday.
Pay day loans generally speaking have three features:
- The loans are for lower amounts.
- The loans typically come due your following payday.
- You need to provide loan providers use of your bank checking account or compose a look for the balance that is full advance that the financial institution has an alternative of depositing once the loan comes due.
Other loan features can differ. For instance, payday advances in many cases are organized become paid down within one lump-sum payment, but interest-only re re payments вЂ“ “renewals” or вЂњrolloversвЂќ вЂ“ aren’t uncommon.