Q:

Is a cash advance a scam?

A:

Quick Answer

Cash advance scams affect thousands of individuals each year according to Loan.com, and legitimate cash advance businesses require state licensing. Red flags for cash advance scams include upfront fees, acceptance of bad credit, slight variations in company names from other legitimate companies, and phone solicitation.

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Full Answer

A summary of statutes for cash advance and payday loans, according to individual state legislatures, is provided by the National Conference of State Legislatures. A listing of over 700 businesses offering cash advances with ratings and complaints is available through the Council of Better Business Bureaus. The Federal Trade Commission recommends finding an alternative to payday loans due to high loan costs.

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