The city of Oakland, California has more cash advance/payday lender storefronts within its city limits than McDonald’s, Subway, Burger King, 7-Eleven and Target stores combined. With numbers nearing 600, it’s no surprise to hear that the payday loan industry is growing at a faster rate than any other.

With a cash advance, or other payday loan, there is no credit check used as a basis for your loan. All that is needed is your current pay stub for the potential cash advance lender to calculate your eligible loan amount. Some lenders may require that your employer directly deposits your paycheck into your checking account or will consider a higher loan amount if you utilize the option.

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Let’s take, for example, your car. Say that the radiator blew out, and you had no means to pay for it right now, but if you don’t have the necessary repairs done, you’ll have no transportation to and from work. You know that you will have the money when you get your next paycheck, which unfortunately isn’t until one week from Friday. This would be a prime reason for a cash advance.

One popular means of paying your short-term, single payment loan is by writing a personal check out to the lender for the full loan amount along with applicable fees and post-dating it for your cash advance’s due date.

California has implemented several laws to regulate the cash advance/payday loan industry within the state:

30-day maximum cash advance time frame.
Fees cannot exceed 15% of loan amount (or $15 for each $100 borrowed).
No rollovers permitted (paying off one loan with another).
$15 non-sufficient funds fee if the check is returned from the bank unpaid.
Only one loan per consumer may be out at one time.

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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.