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Let me make it clear about tiny Loans, Big Fees: Pitfalls of payday advances

Let me make it clear about tiny Loans, Big Fees: Pitfalls of payday advances

Barbara O’Neill, Ph.D., CFP Extension Professional in Financial Site Management Rutgers Cooperative Extension

Like to have a little action toward enhancing your funds? Avoid payday advances!

Pay day loans are single-payment, short-term loans which are produced in return for delayed deposit of a borrower’s postdated personal check (i.e., a talk to the next date about it). These loans pass many different names that indicate that borrowers are getting profit advance of a future paycheck, including: payday loans, check advance loans, post-dated check loans, deferred deposit check loans, and fast money loans.

The option of pay day loans differs from state to mention. As they are unlawful in certain states (age.g., nj-new jersey, the place where a check cashing licensee cannot advance cash in return for a postdated check), these are generally widely available in other people (age.g., many southern and Midwest states).

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