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A money advance is frequently identified as a 'payday loan' because it usually secures a person's finances while they're in among paychecks. It is a short-term loan, frequently an advance on a paycheck, that does not demand a credit check and rarely succeeds $500. A cash advance is a extremely convenient loan for individuals who need funds, generally cash, instantly and perhaps have poor credit or no credit. Usually the borrower will immediately write a post-dated check for the quantity of the loan and accrued interest, to be held by a money 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 cash advance service operates much 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 selection of paying a fee to extend the loan (or 'refinance' it).

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