The law limits the interest rate on payday loans. The law also tells lenders to give you information about your rights and the cost of the loan. The military also offers financial help and help managing your money. How does a payday loan or cash advance loan work. You give the lender a check for the amount of money you want to borrow plus a fee.
The lender keeps your check and gives you cash less the fee they charge. On your next payday, you have to pay the lender in cash.
You owe the amount you borrowed plus the fee. How much do these loans cost. A payday loan or cash advance loan can cost a lot.
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