Payday loans, also known as cash advances, are becoming more and more popular in Cleveland, as well as the rest of Ohio. There are actually more cash advance storefronts in Cleveland today than there are Starbucks stores.

For those who are living paycheck to paycheck, cash advances are for the purpose of carrying you through a sudden financial mishap or emergency until your next payday (usually about two weeks).

Say, for example, your home’s heating system failed in the middle of January. You don’t have any cash to spare and won’t have any until a week from Thursday, which is your next payday. A cash advance is an ideal way to pay for the necessary repairs to keep you warm through the rest of winter.

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No credit check worries, either. The payday loan industry utilizes your current job’s stability and paycheck amount to make this decision. These loans are small in amount (under $1,000) and in term (under a month).

Many cash advance lenders will write your loan on the basis of your post-dated check, written for the full loan amount (plus all fees). When your loan becomes due, the lender simply cashes the check, applies the correct amount to your loan and keeps the fees.

The Ohio Check Cashing Loan Act helps to regulate the cash advance industry in Cleveland, protecting all involved parties:

Maximum fees of 5% interest per month, plus a $5 loan origination fee for each $50 borrowed.
6 month maximum time frame allowed for all cash advances.
Rollovers are not permitted (cannot pay off one cash advance with another).
Only one payday loan may be out by one consumer at a time.
Bank charges must be disclosed by the lender prior to loan funding in order to be collected.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.