Laws & Regulations

Laws change frequently in the payday loan industry and vary across state lines, so it is imperative to keep abreast of the specific rules governing payday loans in your state in order to ensure your financial security. These laws and regulations dictate such important details as loan amounts, loan fees and interest rates. The federal government also plays a role in how payday loan companies operate. Many consumer protections laws are designed to keep people safe when getting a payday loan. There are also requirements that a borrower must meet to get a payday loan.

The Consumer Credit Protection Act, more commonly know as the Truth in Lending Act, requires all payday advance lenders to reveal all the details of any given loan agreement to its customers in writing. This contract is provided to you if your loan request is approved and details all the loan terms, including the length of the loan, the interest rate, finances charges, repayment amounts and the penalties for not repaying the cash advance on time.

Loan Terms for Most States

For states that allow cash advance loans, the terms can vary considerably. In most cases the maximum amount a person can borrow is $1,000. The repayment period for the payday loan ranges from two weeks to two months. The interest rates vary among lenders so comparison shopping gets you the lowest rates. If, for any reason, you find a lender’s terms to be disagreeable, you can simply submit a new loan request to see if we can connect you with a different lender with a rate that can work for you.

A credit score is not required to be approved for a payday loan through Additionally, payday loans are unsecured, meaning there is no collateral a borrower has to put up in order to obtain the loan. These features of payday loans make the loans more accessible to a larger number of people. Although unsecured loans carry higher interest rates, in most urgent cases, the benefits more than compensate for the cost.

Make sure you meet the basic requirements of payday advances before submitting a loan request. Please note that meeting these requirements does not mean that you will be connected to a lender:

A borrower has to be 18 years of age or older to get a loan.

A payday loan is for citizens and permanent residents of the United States.

Bank Account
Payday lenders often deposit the loan into the checking account of the borrower.

Proof of Income
For most loans, a borrower must have proof of at least $1,000 a month in income.

Overall, the requirements for a cash advance are minimal and easy to provide for a large majority. has made a dedicated effort to make the process as quick and convenient as possible for borrowers.