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A cash advance is typically known as a 'payday loan' due to the fact it typically secures a person's finances although they are in between paychecks. It is a brief-term loan, frequently an advance on a paycheck, that does not require a credit check and seldom succeeds $500. A cash advance is a extremely convenient loan for men and women who want funds, usually cash, immediately and maybe have negative credit or no credit. Typically the borrower will instantly write a post-dated check for the amount of the loan and accrued interest, to be held by a money advance service till the date of maturity (the borrower's next payday). When the loan matures, the cash advance service then processes the check ordinarily or withdraws the payment directly from the borrower's checking account. A money advance service operates much like a credit card service in that if the borrower can not afford the loan amount and interest at the time of maturity, they have the alternative of paying a fee to extend the loan (or 'refinance' it). The fee grows exponentially every time the loan is refinanced. Payday lenders, as properly as bigger, far more traditional banks, provide different cash advance services. However, much controversy surrounds these solutions, which critics say exploit the poor, needy, and young, enticing them with loans that merely imprison them in debt via high interest rates and refinancing fees. Though a money advance may possibly benefit someone who is temporarily unable to pay their bills or purchase groceries and would not be able to acquire the required funds otherwise, such loans might not be in everyone's best interest. The controversy over money advance services is so excellent that payday lending is illegal in twenty-five states in the United States. Therefore, many payday lenders must coordinate with banks outside their state to supply money advances to customers. hedge fund books