Cash Advances (also known as payday loans or payday advances) are small loans designed to help you out when a financial emergency hits and your current cash situation is tight. Cash advances are usually under $1,000 and are to be paid in full by the borrower’s next payday.

Let’s say that your home’s water heater has broken in the middle of February, leaving you with only cold water for you and your family. This week your entire paycheck has been spent, but next week you’ll have enough extra cash in your paycheck to buy a new water heater. Instead of you and your family taking cold showers for the next ten days, you opt to get a cash advance.

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Even if your credit is less than perfect, you can still qualify for a cash advance. Instead of your credit score, a payday lender uses your job stability and paycheck information to decide on a loan amount for you. Some lenders will grant you a larger loan if you have your paycheck directly deposited into your checking account by your employer.

Many cash advance lenders will simply have you write out a post-dated check (payable to the lender) for the full amount of the loan, including all applicable fees and finance charges. When your loan becomes due, the lender will simply deposit your check, pay your balance in full and keep the fees. Or, you can bring the lender the cash when due and get your check back.

Pennsylvania is one of 15 states in the U.S. that considers cash advances (as well as the entire payday loan industry) illegal. The state’s “Post-dated Check Cashing” legislation combined with an interest rate cap of 23.5% on all small loans bans all cash advances. No new legislation in pending at this time.

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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.