What Is A Cash Advance?

A Cash Advance is also known as a payday loan.  These are loans made against a paycheck that has yet to be issued.  Normally, a cash advance is anywhere between $50 and $500.  To get one, you go into a cash advance store, fill out paperwork and show a recent paystub and bank statement.  The store will run your credit and, if approved, will issue the loan, holding a personal post-dated check you’ve written as collateral.  You then have two weeks to pay back the loan at the store.  If you don’t, the store will deposit your check to recover their money.