More and more consumers across the U.S. are living from paycheck to paycheck. When an unexpected financial emergency comes up, cash advances are an easy alternative to bounced checks, late fees and repossessions.

Let’s say that you got into a small car accident. Your insurance is paying for the damages, but you are left with a deductible of $500. Your car is supposed to be ready in two weeks, seemingly working out perfectly as you plan on using the money from your next paycheck. Then you receive a phone call from your insurance company letting you know that you car is ready and the rental will need to be returned immediately. Instead of having no means of transportation to and from work because you don't have the $500 righ now, you opt to get a cash advance from the payday loan industry.

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Cash advances are usually a small sum (usually around $500 or less) and written for a short period of time (usually just until the borrower’s next paycheck arrives). Credit reports are not used to decide your loan amount; your paycheck information is used by the payday loan provider instead. And many payday lenders will grant you a higher sum if your paycheck is directly deposited by your employer into your checking account.

Many cash advance companies will ask you to post-date a personal check for the full loan amount, plus any fees that are assessed. When the loan becomes due, the cash advance lender simply deposits the check and keeps the fees.

Currently, New York is one of fifteen states with an usury law that applies to loans of up to $500. The 16% maximum interest rate combined with the check cashers not able to cash post-dated checks makes it illegal for cash advance and payday lenders to operate in New York 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.