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Payday Loans

A customer goes into an establishment and writes a check to a lender. The check is written for an amount the check writer wants to borrow plus a fee that is either a percentage of the full amount of the check or a flat dollar amount. Sometimes there is an agreement to automatically debit or charge the borrowers checking account at a future date. These transactions are referred to in a variety of ways such as"cash advances," "deferred presentments," "deferred deposits," "check loans," or most commonly as "payday loans." more...