Payday Loans refers to cash advance loans that are small or short- term loans and can be used to generate instant cash flow. Payday loans require photo identification and proof of income of the customer. Cash advance loans also mean the cash provided against an approved line of credit like a credit card.

Borrowers have to give signed post-dated personal checks, including amount of cash and traditional fee to the lender, as a security. Then the lender represents legal documents to explain exact terms of loan, annual interest rates, late fees and other financial charges. Borrowers must sign important legal documents before receiving cash.

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