Cash advances, also referred to as payday loans, are short term, low amount, unsecured, consumer loans. These loans, typically between $100 and $500, usually have a 4 to 28-day term. At the end of the term, the amount of the loan must be repaid along with a small loan fee. Some lenders, for a nominal fee, will even allow you to renew the loan (called "rolling over" the loan) for another 4 to 28-day term.
At this point, it is important to note that cash advances are meant to be used for short term financial relief during a "cash crunch". If your situation requires a long term financial solution, payday loans and cash advances may not be the most effective solution. For more info on payday loans and cash advances, visit our "What Should I Know?" section.