Throughout the entire U.S., more and more consumers are living paycheck to paycheck. All is usually going fine until an unforeseen financial emergency comes into play. No matter how small the emergency is, it almost always happens when you have the least amount of cash. This is when the payday loan industry and its cash advance loans come in to play.

For example, say this week is the one week of the month in which you have the least amount of cash, but next week you’ll have a few extra dollars. Do you think that your car will wait to break down until next week? Of course not. Your car will break down this week, leaving you with no transportation to get to and from your place of employment. This is an ideal scenario for a cash advance.

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Cash advances are small loans, usually under $1,000, and are taken out for a very short period of time, typically until the borrower’s next payday. Each individual state has its own legislation as to the amount of money a cash advance can be for, how much a lender can charge for fees, and whether or not the borrower can write a post-dated check for the full loan amount plus all applicable fees for the lender to cash when the loan becomes due.

Instead of using your credit report and score to decide the amount of your loan, the lenders of the payday loan industry use the information on your paycheck, including the amount that you make each week.

In Georgia, the state laws governing the Industrial Act now include the payday lending industry, limiting interest rates to 60% and loans of no less than $3,000. Although this doesn’t make cash advances illegal, it certainly makes it difficult for the lenders to operate a business 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.