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A cash advance - also known as a 'payday loan', a 'paycheck advance' or a 'payday advance' - is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. Typical loans are usually between $100 and $1500. Legislation regarding payday loans varies widely between different countries and, within the USA, between different states.
Some jurisdictions impose strict usury limits, limiting the APR that any lender, including payday lenders, can charge; some outlaw payday lending entirely; and some have very few restrictions on payday lenders. |