Cash advances (also known as payday or paycheck loans) are small loans designed to help out when a financial emergency occurs, and your cash flow is a bit tight. The cash advances are typically under $1,000 and are to be paid in full by the borrower’s next payday, typically within a month.

Let’s say that the two front tires on your car have steel popping through, creating a dangerous situation for you and your family, not to mention any other driver and vehicle on the road. Currently, you haven’t any extra cash to spare, but next week you’ll have enough extra cash in your check to purchase two new tires. This is an ideal situation for you to contact a payday lender.

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Even if your credit is less than perfect, you may still qualify for a cash advance. Instead of your credit score, a payday lender uses your paycheck information (gross and net amounts, year-to-date totals to check job stability) to create a quick loan for you. Further, some lenders will grant you a larger loan if you have your paycheck directly deposited into your checking account.

Many cash advance lenders will ask you to 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 return to the lender with the cash and get your check back.

In West Virginia, cash advances and other forms of payday lending are considered illegal as the interest rate on any loan cannot exceed 31%. There is no current legislation regarding the industry enacted or pending in the state.

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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.