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Interested in "Cash Money Loans"?
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Lenders hold the checks until the borrower's next payday when loans and the finance charge must be paid in one lump sum. To pay a loan, borrowers can redeem the check by paying the loan with cash, allow the check to be deposited at the bank, or just pay the finance charge to roll the loan over for another pay period.
The sum you pay goes to a part of the principal and part as interest. But there are also Interest only loans too. An interest-only loan is a loan in which, for a set term, the borrower pays only the interest on the principal balance, with the principal balance unchanged.
