It is the middle of the month, your paycheck is weeks away, and your car just broke down. Financially you are in a rut, limiting yourself to a few options. You could borrow money from a friend or a family member, or you could take a take this payday loan advice.

So you decided to go for the payday cash advances. First, look at the requirements from the lender, which varies from lender to lender. Most require that you currently have a job, or receive a regular income. In addition, they require that you make at least $1,000 per month (in most cases), are 18 years of age or older, and are a US citizen. There are other requirements for non-US citizens.

There is a risk for opting to payday cash advances. One is the high interest rate. For an example, let us say you take out a $300 payday loan with a 7-day loan term in Virginia (as the rates vary from state to state). The Annual Percentage Rate (APR) is 782.14%. Along with a finance charge of $45, you would be looking at a one-time payment of $345. You could opt for a longer loan term of 14 days. Your APR would be 391.07% plus the $45 finance charge. You would still pay the total $ 345 but with a longer payout. It is not recommended that you borrow large amounts for your payday cash loan. Even though your APR will stay the same, the finance charges will go up, costing you more money in the end. Using Virginia as an example again, if you borrow up to $500, it would cost you $75 in finance charges. Now you might be thinking that there is no law protecting you from the lender, but you would be mistaken. Virginia law states,