Payday advances: A Sure-Fire method to Get Broke. Spending a $30 cost for a $200 loan having a 2 repayment period translates to an APR of 391% week. Deferred deposit loans, often called “payday loans” (also known as payday loans, check advance loans and check that is post-dated), are becoming an extremely popular way of customers to access fast cash. How it operates credit that is bad? No credit? No hassle. All a consumer has to obtain a quick payday loan is really a work, a phone, a software application bill, an account that is checking and a driver’s permit.