We are in a time where finance companies, check cashers and other businesses are making high-rate, short term loans.
Commonly, a borrower will write a payable check to a lender for the amount she or he wishes to borrow in addition to the fee.
The borrower then receives the mount of the check minus the fee.
Usually the borrower will pay the fee for the amount borrowed or a percentage of the face value of the loan.
If one decides to extend or “roll-over” the loan, say for an additional two weeks, the fee will be charged for each extension. […]