Cash advance loans, also known as payday loans, are short-term, money lending contracts designed to help out financially when you are in between paychecks. These cash advance loans are typically between $50 and $500, and are normally paid in full by the borrower’s next payday or government check issuance. They are quickly growing in popularity across the country, including Texas.

Your eligible borrowing amount with a cash advance lender differs greatly from traditional lending institutions. Instead of completing a credit check on you to decide on a loan amount, cash advance lenders base their decision on your job’s stability and your paycheck, some even giving you more cash if your paycheck is directly deposited into your account.

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These types of payday and cash advance loans can come in quite handy for the many Texans living paycheck to paycheck. For instance, say that the brakes went on your vehicle, and you won’t be receiving your next paycheck until next Thursday, when you are certain to have the extra cash. By getting a cash advance, you can have your brakes fixed without the worry of losing a few days pay, or worse, losing your job altogether.

One way that cash advance lenders grant such a loan is with the borrower writing a post-dated, personal check to the lender for the loan amount, plus all applicable fees. When the loan becomes due (usually within a month), the lender simply deposits the check and keeps the fees.

Texas Small Loan Laws have been put in place to protect both borrowers and lenders:

Loan is to be written for 7-31 days.
Fees cannot be more than 48% APR, plus a $10 monthly fee.
No rollovers permitted (repaying one cash advance with another).

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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.