More and more consumers in the United States are living paycheck to paycheck, which can create some serious problems when even the smallest financial emergency occurs. This is when the payday loan industry and its cash advances come in quite handy with their short terms and almost immediate cash availability.

Let’s say that you have an extremely bad toothache and your dentist won’t accept your insurance as payment. You need to pay the dental fees up front and then will be reimbursed by your insurance. You won’t have any extra cash until your next paycheck, which isn’t until a week from Monday. Instead of being in unbearable pain for the next week and a half and risking an infection and/or missed time at work, a cash advance would be a simple solution to your painful problem.

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Cash advances are small loans, usually under $1,000, taken out for a very short period of time (under a month) and are payable in one installment. Each state has its own legislation as to the amount of money a cash advance can be for, how much a lender can charge for fees, and whether or not the borrower can write a post-dated check for the full loan amount plus all applicable fees for the lender to cash when the loan becomes due. Instead of pulling your credit, the lenders of the payday loan industry use the information on your paycheck to grant your loan.

Pennsylvania is one of 15 states in the country that considers cash advances (plus the rest of the payday loan industry) illegal. The state’s “Post-dated Check Cashing” legislation combined with the state’s interest rate cap of 23.5% on all small loans prohibits all types of payday loans. There is 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.