A payday loan is also referred to as a cash advance, deferred presentment, or a check loan. Payday loans are short term, given in comparatively small increments, and secured against that individual’s next paycheck. Payday loans originated in the early 1900’s, since then, the industry skyrocketed and now has an excess of over 22,000 locations throughout the nation.
The general idea behind these loans was to provide a quick, easy solution for people who needed cash before their next paycheck. Payday loan companies hold a predated check, provided by the borrower, until the next payday. They will cash the check unless you go in the store to pay off the