Cash advances (also known as payday loans) are small loans designed to assist short-term when a financial emergency happens, and your cash is a bit tight. The cash advances are typically under $500 (but can go as high as $1000) and are usually paid in a single payment by the borrower’s next payday.

Let’s say that your home’s heating system has decided to stop working in the middle of January. You don’t have any extra cash this week, but next week you’ll have enough leftover to make some necessary repairs. Instead of having your family freeze for the next two weeks (until the next time you get paid), you should apply for a cash advance from a payday lender.

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Instead of your credit score, payday lenders use the information from your paycheck (both gross and net amounts) to get you the money you need and get it quickly. 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 and 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.

While there are no current laws banning cash advances and other forms of payday loans in Maryland (including caps on fees, time limits, number of loans out and/or maximum loan amounts), the state’s Usury Laws prohibit any loan with an annual interest rate of more than 33%. This, combined with a new “anti-broker” clause in its loan laws, makes it very difficult to get a cash advance in Maryland.

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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.