Cash advances, 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 under $1,000 and are to be paid in full by the borrower’s next payday or government check issuance. They are quickly growing in popularity across the country, including Cincinnati, with close to 300 storefront lenders within the city.

Instead of completing a credit check on you to grant your loan, cash advance lenders base their decision on your job’s stability and the paycheck that goes along with it.

For example, what if you suddenly realized that the front tires on your car were bald: It’s February, and snowfall is expected at the end of the week. You don’t have the extra cash right now, but you’ll have plenty next Friday when you receive your check. Instead of risking the safety of your family, you can choose a cash advance loan to get new tires.

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

The Ohio Check Cashing Loan Act helps to regulate the Cash Advance industry protecting all involved parties:

Maximum fees of 5% interest per month, plus a $5 loan origination fee for each $50 borrowed.
6 month maximum time frame allowed for all cash advances.
Rollovers are not permitted (cannot pay one cash advance with another).
Only one payday loan may be out by one consumer at one time.
Bank charges must be disclosed by the lender prior to loan funding in order to be collected.

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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.