Payday loans, or cash advances, are small loans designed to help out when a financial emergency happens and your cash flow is a bit tight. Cash advances are typically under $500 (but can go as higher than $1000) and are usually to be paid in full by the borrower’s next payday.

Let’s say that your home’s water heater has broken in the middle of February, leaving you with only cold water for you and your family. This week, your entire paycheck has been spent, but next week you’ll have enough extra cash in your check to buy a new water heater. Instead of bathing in cold water for a week and a half, apply for a cash advance from 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 the information from your paycheck (how much you make gross and take home) to create a loan amount for you. In fact, some lenders will grant you a larger loan if you have your paycheck directly deposited into your checking or savings 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.

In Connecticut, cash advances and other forms of payday lending are considered illegal as the interest rate on any loan cannot exceed 28.2%. There is no current legislation regarding the industry enacted or pending.

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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.