A cash advance or payday loan is a small, single payment loan that’s taken out for a short period of time. These loans are usually no more than $1,000 and are paid off by the borrower's next payday. Cash advances can come in very handy with more and more families living from paycheck to paycheck.

Take, for example, your car. You need it to get to work so that you can make enough money to support your family. But what would you do if something happened to it, like the exhaust falls off. How would you get to work then?

Let’s say that you will have the extra cash to make the necessary vehicle repairs in next week’s paycheck, but that won’t be until a week from Thursday. This is an ideal scenario for a cash advance.

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Instead of using your credit score to create a suitable loan for you, cash advances simply use a copy of your paycheck and paycheck stub (gross and net amounts) to create your loan. Many of these lenders will grant your cash faster if your paycheck is directly deposited into your checking or savings account by your employer.

One easy way to pack back cash advances is with the borrower writing a personal check out to the lender, post-dating it for the loan’s due date, and including any fees that accompany the loan. When the loan becomes due, the lender deposits the personal check, applies the funds to the balance, and keeps the fees.

In the state of Maine, current legislation regarding the check-cashing form of cash advance loans is considered illegal. This, combined with a maximum annual interest rate of 30% makes it nearly impossible to operate such a business. However, new legislation is currently passing through the state, yielding some changes in Maine’s state laws.

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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.