Payday Loans

[Eugine]

Payday loans (also known as cash advance loans) are short-term, high-interest loans used to generate immediate cash between wage payments. The customer presents photo identification and proof of income, usually previous pay stubs. He or she may write a post-dated personal check to the lender which includes the amount of the cash desired and an established fee. The lender then presents legal documentation which describes the exact terms of the loan, including annual interest rates, late fees and finance charges. Upon signing these documents, the customer receives cash. Ideally, the entire loan is paid in full whenever the customer's next paycheck is issued. If not, the loan terms may be extended or 'rolled over'.