Customers
write a personal check payable
to the lender for the amount
of cash they need plus a
fee. The company holds the
check for 14 days. When
the term is up customers
can pay the full amount
owed in cash (the company
will rip up the original
check in this case), tell
the company to cash the
check, or pay an additional
fee (in cash) to postpone
the due date.