Cash advance loans, also known as payday loans, are short-term, money lending contracts designed to help out financially in between paychecks. These cash advance loans are usually between $100 and $500, and are normally paid in full by the borrower’s next payday.

Your eligible borrowing amount differs greatly from traditional lending institutions. Instead of utilizing your credit report and score to decide how much you can borrow, cash advance lenders base their decision on the amount of 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 to many living paycheck to paycheck. For instance, say that the brakes went on your car and you don’t receive your paycheck until next Friday, 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-- Your job!

One way that California 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 comes due, usually within two weeks, the lender simply deposits the check and keeps the fees.

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Laws have been put in place to aid both borrowers and lenders in the state of California:

30-day maximum.
Fees cannot exceed 15% of loan amount, or $15 for each $100 borrowed.
No rollovers or refinancing of the loan are allowed, therefore no fees can be charged for doing so.
$15 non-sufficient funds fee, if the check is returned from the bank unpaid.
Only one loan per person may be out at one 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.