Just how can payday loan providers know if people has actually a great pay day loan?

Just how can payday loan providers know if people has actually a great pay day loan?

What is an effective “Cash advance?”

A quick payday loan are a primary-name, high-pricing transaction in which a customer borrows money to possess an assistance percentage. The customer writes your own examine for the lender to your loan amount together with solution commission. The lender offers the customer the fresh new loaned matter and you may retains the newest user’s look at (usually until the owner’s second pay day) in advance of presenting new have a look at to the user’s lender having percentage. Continue reading Just how can payday loan providers know if people has actually a great pay day loan?