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A cash advance is commonly known as a 'payday loan' simply because it usually secures a person's finances even though they're in between paychecks. It is a short-term loan, frequently an advance on a paycheck, that does not require a credit check and hardly ever succeeds $500. A money advance is a very convenient loan for folks who need to have income, typically cash, instantaneously and possibly have poor credit or no credit. Generally the borrower will right away write a post-dated check for the quantity of the loan and accrued interest, to be held by a cash advance service until the date of maturity (the borrower's subsequent 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 considerably like a credit card service in that if the borrower can't afford the loan amount and interest at the time of maturity, they have the choice of paying a fee to extend the loan (or 'refinance' it).

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