Payday Def.

Payday loans are short-term cash loans based on the borrower's personal check held for future deposit or on electronic access to the borrower's bank account.

Thanks for help me to know about pay day loan.

Can you give me some more information about pay day load.

Thanks..//

Hi Chandrashekhar,

A pay day loan is also known as pay check advance, payday advance or cash advance. It is a short time period loan that is deposited into your bank account or provided as cash, usually within a day. There are two types of payday lenders: retail/storefront lenders and internet/online lenders.

In retail lending, a borrower visits a payday lending store and secures a small cash loan. The borrower is liable to pay the entire amount in full at the next paycheck, so the borrower writes a postdated check to the lender in the full amount including the fees. On the date of maturity, the debtor is expected to repay the loan in person or the payday lender may process the check through electronic withdrawal from the debtor???s checking account.

In online/internet lending a borrower fills up an online form or faxes a complete application with personal and employer information along with bank account and social security numbers. After the borrower faxes recent bank statement, copies of check and other signed documents, the loan gets directly deposited into the borrower's checking account. On the next pay day the full loan amount plus the charge/fees is electronically withdrawn.

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[LEFT]Thanks you Shazzers & Chris Samuels for your quick help. I have got more knowledge about payday loan B'cause of you.

Thank you so much.
:)
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