In Wisconsin, the past decade has brought with it an explosion of payday and cash advance lenders, with an increase of nearly seven-fold. 2005 saw the state’s licensed cash advance lender locations hit 442, with an annual increase of at least 12% predicted for the upcoming years.

Cash advance loans are small (usually under $1000), single installment loans that are written for a very short period of time (usually under one month). They can come in quite handy in an unexpected financial emergency.

For instance, let’s say that you have a bad tooth. You know the tooth has to come out eventually, but you keep waiting. One night, you are awoken with the most incredible pain in your mouth – that tooth needs to come out. Unfortunately, the only dentist that will remove it quickly does not accept dental insurance as a means of payment. You will have to pay the fee up front and be reimbursed by your insurance. You won’t be receiving your paycheck until next Thursday, and that’s when you will have the extra money to “lend yourself” the cash to have your tooth pulled. What can you do?

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This is a prime example of a cash advance situation. By simply contacting a payday lender, you can have the money you need quickly, without pulling your credit. Cash advance lenders utilize your paycheck instead of checking your credit to decide how much of a loan you’re entitled to.

A post-dated check written out to your lender for the full cash advance amount, plus any fees is one popular means of repayment. The lender deposits the check when your loan becomes due and retains all fees.

State officials are currently working on some regulations, as there currently aren’t any laws in Wisconsin regarding the payday loan industry.

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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.