A payday loan, also known as a paycheck advance, cash advance or payday advance, is a short-term loan for people who need money until they get paid again. Payday loans are available online or in-store and generally are given out in amounts between $100 and $1500. Interest rates for a quick payday loan can run as high as 900% annually, but many states are regulating the cash advance loan industry in hopes of reducing interest payments for consumers. Congress passed a law in 2006 which capped the APR at 36% for lending to people in our military.