A Payday Advance Loan is a small, short-term loan (up to $500) without a credit check that is intended to bridge the borrower’s cashflow gap between pay days. With this Loan you can Deposit advance in your account or Receive cash or cashier’s check. The Loan is secured by the borrower’s post-dated check that includes the original loan principal, accrued interest and current application fee (rates subject to change). The maturity date usually coincides with the borrower’s next pay day. On the maturity date Corrections Federal CU processes the check traditionally or through electronic withdrawal from the borrower’s account.