How payday cash advance loans work
Cash advance (payday) loans are short-term loans based on income. The loan is repaid through upcoming paychecks, direct or electronic deposits. You can choose to write a personal check or have the amount withdrawn from a bank account.
Lending providers hold the checks until the next payday. When this date arrives, you need to pay the amount in full. Individual companies may allow paying the finance charge. Some refer to this as a loan rollover, which means repaying at a later date. Not all companies allow rollovers; it will depend on state laws and the company that issued the cash.