How Are Cash Advance Loans Regulated?
Cash advance pay day loans are short-term, usually 2-3 weeks, loans intended to help cover the unexpected bills until your next pay check. These advances are usually for between $100 and $1,500. Cash advance pay day loans are regulated fairly heavily by the government, predominately at the state level. Federal legislation has recently been passed capping the interest rate for cash advance payday loans to the military personnel. 37 states currently allow quick cash advance payday loans; 13 have either banned the practice outright or have passed legislation making it practically banned. States that do allow cash advance loans almost always have usury limits; that is, interest rate caps that are strictly adhered to. These include fees charged on the loan as well as true interest. Why Avail A Cash Advance Loan? Cash advance pay day loans have some significant advantages for many consumers. It is considerably faster to get a quick cash advance payday loan than a long-term traditional loan.
