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What is a payday loan?
To get a payday loan, the borrower must have a job and a personal checking account. The borrower shows the payday lender a pay stub in order to prove that the person has a job and will be receiving some cash within two weeks. The person will then write a postdated check to the lender. The check advance, which is for the amount of the loan plus a fee that usually amounts to fifteen percent of the payday loan amount, serves as security for the loan. If the borrower doesn't return to repay or renew the loan by the date on the check, the check is presented at the borrower's bank for repayment. If the balance in the borrower's account can't cover the check, the borrower faces bounced check fees both from the bank and the payday lender. Payday loans are available in several states, including Tennessee, Kentucky, Ohio, and more recently, Alabama. This type of loan is often referred to as a check advance or cash advance.
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