Check cashers, finance companies and other businesses may offer you small, short-term, high-rate lending known as a cash advance loan. (Also called a check advance, post-dated check, or deferred deposit check, or payday loan.)
Usually, a borrower writes a personal check payable to the lender for the amount he or she wishes to borrow plus a fee. business cash advance, cash advance no faxing, cash advance loan? The company gives the borrower the amount of the check minus the fee. Fees charged are usually a percentage of the face value of the check or a fee charged per amount borrowed ? say, for every $50 or $100 loaned. And, if you extend or roll-over the cash advance loan ? say for another two weeks ? you will pay the fees for each extension.
Under the Truth in Lending Act, the cost of a cash advance loan ? like other types of credit ? cash advance online ? must be disclosed. Among other information, you must receive, in writing, the finance charge (a dollar amount) and the annual percentage rate or APR (the cost of credit on a yearly basis).
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7 Mar, 2008 