With cash advances, or other payday loans, your credit score isn’t used as a basis for your loan. All that you needed is your current pay stub for the cash advance lender to calculate your eligible loan amount. Some lenders may require that your employer directly deposits your paycheck into your checking account.

When a financial emergency strikes--especially if you’re living paycheck to paycheck--no matter how small it may be, many consumers in the Columbus area (along with the rest of the U.S.) can be sent into a difficult financial situation. This is just one of the reasons for the massive explosion of payday loan websites and storefronts. There are now more such storefronts in the Columbus area than Burger King restaurants.

What would happen if you needed $500 quickly to have your car repaired? You know that you will have the money when you get your next paycheck, which unfortunately isn’t until next Thursday. This would be an ideal scenario for a cash advance.

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One popular means of paying your short-term, single payment loan is by writing a post-dated, personal check out to the lender for the full loan amount along with any applicable fees. The lender simply cashes the check when the loan becomes due and keeps the fees.

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

Maximum fees of 5% interest per month, plus a $5 loan origination fee for each $50 borrowed.
6 month maximum time frame.
Rollovers are prohibited (cannot pay off one cash advance with another).
Only one payday loan may be out by one consumer at one 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.