Jennifer Waters

CHICAGO (MarketWatch)— But in a lot of instances, these short-term loans, mired in hefty interest expenses, perpetuate a expensive period of escalating financial obligation.

A cash advance is like a cash loan in your paycheck. Marketed as a short-term treatment for a short-term setback such as automobile repair or crisis health problems, these loans are generally likely to be reimbursed in two weeks—the pay cycle that is usual.