Payday Advances: Know Your Rights
What's a "cash advance?"
The consumer writes a individual check to the financial institution for the quantity lent as well as the solution cost. The lending company gives the client the loaned quantity and holds the customerвЂ™s check (usually until the customerвЂ™s payday that is next before presenting the check into the customerвЂ™s bank for payment. You might see these advertised as a quick payday loan, cash loan, or always check advance loan. Michigan legislation calls this particular loan a вЂњdeferred presentment solution transaction,вЂќ because the customerвЂ™s check is held for some time (deferred) prior to it being cashed (presented for re re payment).