Minnesota Payday Loan Statistics

Written by David Schmidt. Posted in Payday Loan Laws

MN payday loan StatsA new report of payday loans in Minnesota showed a few very important statistics for the people of this state. Many of them have been abused from the years 1999 to 2012 and according to state officials it reaches nearly $85 million dollars over that period. It is yet another question in many peoples’ mind about whether the payday loan industry is actually helpful.

There are millions of people who find themselves in some type of debt or another, but payday loans are some of the worst types of loans one can take. For cash strapped individuals with little or no credit, the payday loans are unfortunately the only thing that they can use.

Minnesotans and Payday Loans

It has come to the attention of many politicians and legislators that Minnesotans are on the receiving end of some serious financial drain. The Minnesotans for Fair Lending have devised study to show that there have been $82 million lost to the payday loan companies from people that barely have any money to begin with. This group includes a huge variety of different people including labor leaders, religious, and credit units, which hope to alter state law.

In 2012 alone there were 84 storefront locations in Minnesota that were able to raise over $11.4 million throughout the state. That is a lot of money in just the profit alone. Take into consideration that 2012 was one of the worst years for financial markets and many people lost their homes among other things. The people who lost so much were almost forced into bankruptcy because of these payday loan interest rates.

The Joint Religious Legislative Coalition (JRLC) has complained bitterly for the payday debt cycle (also known as a payday loan trap), which has brought down so many people who are in Minnesota. The vast majority cannot handle the debt burden and thus continue paying small chunks of interest for many months or years.

Reform in Minnesota

As a northern and more liberal state, there is a good chance that Minnesota will reform the payday loan industry. While every state has major political contribution problems, it is evident that Minnesotans are pushing legislators to reduce the interest rates allowed for payday loans or just abolish them altogether as New York state has done.

Reform may not come as quickly as some people would like, but it will nonetheless be an effective method of getting Minnesota to change the ways that have cost $82 million over the last few years. Many of the poor people in urban St. Paul and Minneapolis will he thankful for these changes.

Payday Loan Advertising Laws

Written by David Schmidt. Posted in Payday Loan Laws

online payday loan ads

How many of these ads have you seen?

When cash strapped individuals look for money, there are few places they can turn without needing some type of collateral or credit. One of them is payday loans and advertising laws have been a major part of the industry’s fight to get more customers and make more money. Many people feel that payday loans are a necessary evil and that most people do not want them, but it can save lives in certain situations. Even people who struggle with a payday loan trap often defend them as life savers despite the cost.

When it comes to payday loan advertising, there are a few laws in place that might make a difference when it comes to places that you see them. In fact, sometimes the advertisements will skirt the law and make it a lot harder for states to avoid payday loans in their state.

Internet Payday Loan Advertising

For states like New York, payday loans are just too much for the populace to handle. They have high interest rates, they lead to extortion interest rate payments, and they are often crippling to many people who take them. In some cases, they even lead to suicide and other physical harm because of the money involved. Either way, the fact that New York has banned payday loans does not mean that it has gone away. Far from it, in fact; New Yorkers see online advertisements for payday loans all the time.

Even though there are laws in place that avoid New Yorkers from taking payday loans at a brick and mortar location, that doesn’t mean they cannot go to online payday loan websites and get the loans that way. This is exactly what many citizens are doing and it is completely skirting the law that bans the loans in the state itself.

Whether you are in a state like New York or one that allows payday loans, you will find that internet marketing by payday loan companies is very competitive. There are plenty of sites that offer a lot of money and without a single background or credit check. These typically are given with extraordinary interest rates and it is a shame that people fall victim to their marketing.

Allowing Advertising for Payday Loans

A lot of legislators want to avoid advertising for payday loans on and offline. Many billboards attract customers and even some sporting events get sponsored by companies that offer payday loans. The majority of people who are watching certain events will need money and advertising for payday loans can be a huge problem.

Anyone who has fallen victim to the payday loan trap with advertising will find that it is a bittersweet feeling. Most people do not enjoy that they are in a situation where they owe so much money, but other people can’t help it. Unfortunately, until legislators change advertising laws for payday loans, it will be possible for people to get money over the internet very easily. When you do get a loan make sure its something you can pay back quickly or you could fall into the payday loan trap that most people fall into. If this is the situation let us know so we can get you some help.

Utah Passes Payday Loan Legislation

Written by David Schmidt. Posted in Payday Loan Laws

Legislation on payday loans in UtahAlmost two years ago many Utah senate members were embroiled in a scandal that rocked the entire state and reverberated across the nation. A modest payday loan reform bill was stopped in the senate with tactics from many different payday lending interest groups, which led to the resignation of Attorney General John Swallow. Since then, the payday loan reform bill has gained steam and has aimed to make a change for many years.

Until recently, it was impossible to make changes due to the power of lobbying groups. Now the scandals of previous years have made it nearly impossible for interest groups to get in the way of passing legislation.

Utah Senate and Governor Legislation

So far, the Utah legislation has gone through the senate with flying colors. The specifics of the bill are modest, but they go a long way to protecting the individuals who have taken out payday loans and struggle to pay them back. Right now, the law is not as helpful for citizens who have payday loan debts, but the senate’s new bill is aiming to change all that.

The main reason it has passed so easily is due to the high majority of senators who fear retribution in the same way that scandal rocked politicians a few years ago. To avoid such scandals, many senators are convinced that passing the legislation will be a better idea.

The next step of the way is to have the governor of Utah sign the bill. Whether he does so or not will probably decide his fate in a number of ways. The lobbying groups for payday loan industries is typically very strong, but public opinion is doing a lot to sway the way these politicians are making their decisions.

Payday Loan Legislation Details

The details of the payday loan legislation in Utah are not that liberal. In fact, the bill only calls for borrowers to get time to pay off the loans without sanction or high interest rates. After 10 weeks of this high interest rate period, the legislators and politicians think that common folk need some type of break in order to release themselves from the cycle of debt.

The ironic senate vote this time around was 29 in favor and 0 against, which just shows how important public opinion can be in order to change a law. Most people know that there is a lot of power behind the payday loan companies and they want politicians to stand up to them in order to make the right decisions.

If politicians are going to be the representatives of the people, they have to listen to the people more than the companies that fund their campaigns and political ventures. It is important for states to make moves like this one in order to show the nation that payday loan legislation is not a forgone conclusion. Even if most people are cynical about the shape of the legislation today, it is possible to make a change with consistent effort towards a final goal.

Colorado Payday Loan Companies Monopolize

Written by David Schmidt. Posted in Payday Loan Laws

payday loan debt in ColoradoWhen most people think of the free market economy, they don’t consider payday lenders to be such a huge part. These people and businesses typically have a reputation that is akin to loan sharking or some other negative connotation. Even though this is often true and most regulation is against these predatory loan practices, there is an even bigger problem when the entire market gets monopolized by a few certain payday lending companies. The latest news from Colorado indicates that this is a distinct possibility and one that the public needs to be aware of at all times in the near future.

Colorado Payday Loan Debt

The payday loan debt in Colorado has not changed much since 2011, but reports are showing that the number of lenders is down by 16%. That means the market share is being picked up by an ever growing few businesses that are becoming powerful. This has huge implications for the general public. As a company gets bigger, it has to worry about market share less and about fighting regulations more. Once these companies start to get really big, they will no longer have to fight one another, but will instead opt to get payday loan debt legislation destroyed.

There are many ways that this can happen over the course of the next few years. Lawmakers are hoping that the drop in the number of payday loans does not mean that bigger companies are starting the beginning efforts of expansion, but it is looking increasingly likely that this is the case.

Removing the power from these large companies is nearly impossible once they have the funds to sway legislators and contribute to campaign funds. These types of dealings with the government and legislators makes it hard to pass any kind of meaningful legislation that protects the people.

USA and Colorado Payday Lenders

The United States may be on the same path that Colorado is now facing. Payday lenders are finding it increasingly difficult to get into the business because the bigger players are growing in scale. This means that Colorado might be a microcosm for the environment that we will soon be seeing in the payday loan companies of the entire country.

For many people, this is a scary prospect. The idea of payday lenders getting bigger and more market share is a scary thought as there are simply too many ways they can manipulate legislation. As it is, there are 29 states that are currently unregulated, which means that it is very tough to get anything passed anyway!

If people are worried about legislation now, it is no wonder they are more worried about the future. With these companies earning more money, it doesn’t seem as inconceivable that they will have more power to change the legislation and fit their whims. As the public complains, they still need the quick cash, which makes it hard to regulate a service that people are using so often for their own needs. The future of payday lending might not be nearing an end with developments like this.

Montgomery Says “No” to Payday Loans

Written by David Schmidt. Posted in Payday Loan Laws

There are many places across the United States where small pockets of resistance are proving difficult for the payday loan industry to overcome. People across the country are starting to realize that even though the short term benefits might be there, the longer term impacts of debt to a payday lending company can be a huge problem. The people of Montgomery, Alabama have decided that they are going to put a moratorium on some payday loan lenders. The city council has decided through a 5-3 vote that they are no longer going to allow these types of companies to infiltrate their cities.

Montgomery and Payday Loans

The southern United States has a long history of dealing with underprivileged and economically depressed regions. In fact, most of the people who are on welfare and get assistance from the government are located in the southern region of the country. The payday loan industry has taken advantage of this fact in order to make a lot of money with these people.

By opening many international, national, and even regional payday lending companies, the owners have been able to profit for the past few years with near immunity. Only recently have people been complaining about the payday loan industry after all of their predatory practices have been found out. Since 2008, the recession has driven millions of people across the globe into the arms of payday lenders who want nothing more than to give a small loan that keeps you hooked for many years of your life.

While they are often vilified, they do provide a service that the public needs. People are in desperate need for money so they take a loan, but what happens when they don’t pay it back? It isn’t such a black and white situation, but it is obvious that more regulation is required.

Stopping More Payday Lending

Because it is so difficult to actually put a stop to the lending, people in the Montgomery, Alabama area have decided they are going to put a stop to it themselves. To do this, they have enlisted the support of the city council to vote whether or not to allow the new payday lender to enter their city and start to work amongst them.

The vast majority of people who are looking for payday loans do not realize that they could find themselves in a serious financial problem within only a few short months. The interest payments are high and most of the time the people who are taking them out do not realize the long term implications.

However, how this moratorium is going to bode for the industry as a whole is unknown. It shows that there are people who are not so happy about their dealings, but it may be temporary and most of the pundits think it will be overturned soon enough. Doing business in the state is a huge freedom that is hard to take away no matter what kind of legal business it might be.

The Dangers Of Louisiana Payday Loans

Written by David Schmidt. Posted in Payday Loan Laws

LA payday lendersOut of the 50 states that make up the United States, 23 of them have some sort of regulatory laws regarding payday loans. Unfortunately, the dangers of Louisiana payday loans are due to no regulatory laws at all, and borrowers need to be informed.

Because these companies are allowed to pretty much run the short term loan business any way they wish, the following are the results that borrowers in this state can look forward to:

  • $270.00 in fees for a one-time $100.00 loan. Yes, you read that right.
  • Interest rates in the neighborhood of 780%.  Most credit cards can reach 25%
  • Relentless collection efforts on defaulted loans

They are everywhere

There are currently over 1000 storefronts in Louisiana where a customer can take out a payday loan, and the numbers are increasing. In comparison that would be 4 payday loan stores to 1 McDonald’s restaurant.

Payday loan lenders have collected over 200 million in fees in Louisiana in the last year, and much of those fees end up out of state. These fees are coming from people who are living one pay check away from being broke, and it is a safe bet most of them will need to roll over their loans, thus getting caught in the age old payday loan trap. We just want our readers to be aware of the issues.

Break the cycle

Take care in this state when using these companies. If you must use them make sure you pay the loan back in full on the first due date to avoid any additional fees and payments, and if you are already caught in the payday loan trap break the cycle now!

There are alternatives for paying back payday loan debt without all that interest, and we urge people to explore those alternatives. 
When you’re looking to borrow money, be sure to check out all of your options so you know what your rights and what you’re getting into. Many credit unions are now offering short term loans at around 18%. This is a much better option than 780%

As always we are here to help you in any way we can. Please let us know if we can assist you today.

 

Manitoba Payday Lenders Required to Repay Fees

Written by David Schmidt. Posted in Payday Loan Laws

Even though the United States is one of the largest markets for payday lending, there are many companies in Canada that operate in a similar manner. The Cash Store is the name of one payday lender that operates out of Manitoba and has been singled out by the government for some redistribution of fees collected on 61 individuals in the region. This incident seems to be a microcosm for what is going on in the country as a whole; lenders are charging more than the states have deemed appropriate.

Manitoba and Fees Returned

Returning the fees to the 61 Manitobans was not easy for the Cash Store, but did not hurt their profits too much. These payday loan companies have a large store of cash and make plenty of profit so it was no problem to refund 61 people. Either way, it is a showing from the state government that they will no longer accept rates of interest that are excessively high. Unlike many states in the US, it seems that the Manitoban government has imposed a limit of $17 per $100 borrowed, which is only a 17% interest rate.

For most banks this is high, but compared to the charges from other payday lenders in the 2-400% range, it is a crippling blow for the industry in the state of Canada. Many people are overjoyed that the government is finally standing up to these large companies, but there are some who need the quick money and will not have access to it anymore.

Was the Manitoban Government Right?

A large question for many advocates of free trade is whether or not the Manitoban government had the right to impose such restrictions. One farmer, named Gordon Repula, noted that he had to pay fees around 33%, which is almost double what is legally allowed in the state. Compared with other states, however, the 33% seems like not much at all. The people who are in need of quick money might not be able to find an adequate lender because they cannot take on as much risk anymore.

This is a huge question that is hotly debated wherever payday loans are allowed. Most people who are working in the industry are fearful of the day when payday loans are outlawed completely and people start to run out of money to even survive.

Whether or not the Manitoban government was right in this instance is irrelevant. It is a clear indicator that the Canadian state governments (and perhaps the federal government as well) is going to restrict the ability for lenders to make exorbitant profits from people who are in need. This might be helpful for some, but it negates the business cycle aspect that will assuredly hurt others. Either way, it is an interesting prospect to watch as the legal rate for payday lending goes all the way down to 17%. There are plenty of states where it might change into something along those lines as well.

Western Sky Sued for High Interest Rates

Written by David Schmidt. Posted in Payday Loan Laws

The payday loan industry is well known for their exorbitant interest rates. Companies have long gotten away with charging these kinds of rates because people are in such need of money in certain emergency situations. With no other lender willing to take on such risk, the payday loan industry has been able to thrive. Some may consider them to be predatory practices, but most people just consider them to be useful for the poorest of people that need help. The government has stepped in as many times as necessary to help regulate the issuing of interest rates and payday loans, but recently they have stepped in even further. The Western Sky company has been sued for charging high interest rates that exceed 350%.

Western Sky Federal Lawsuit

As with many other payday loan lenders, the Western Sky company is based out of South Dakota and provides lending services to a wide variety of people across the country. Lately, they have been able to charge interest rates that exceeded 350%, which was too much for many federal prosecutors to handle. A lawsuit has been filed in mid August by a New York court. They consider the interest rates to be too high and often are not forgiving when it comes to these companies.

An analysis of some of the Western Sky terms and conditions has made its way to the New York prosecutors where they have been touted as one of the reasons for the lawsuit. For example, a loan of $10,000 that someone can get in a single day without any collateral can often cost up to $62,500 over the lifetime of the loan. These types of rates on such high dollar amounts can end up leaving residents with no money for decades.

What Will the Lawsuit Change?

One of the things that lawmakers and the public are hoping is that the lawsuit will change the way Western Sky and other lenders are forced to market themselves. They cannot continue to market themselves in such a deceitful way and more importantly, they cannot have fine print that ends up charging people such a high rate of interest.

The lawsuit will not be completed for many years, but the act of filing one from the New York court has serious implications for those who are involved in the payday loan industry. Many are hoping that the issue gets resolved quickly and quietly, but the general public is a little more interested in the outcome.

With so many people needing financial assistance with this terrible economy, it is no wonder that people are looking forward to hearing the result of this lawsuit. There are many reasons to be concerned about the payday loan industry, but whether the government can force them to provide a service that the market is demanding is another story. It remains to be seen whether or not it is going to be valuable for the government to make such a move on the Western Sky payday loan company in South Dakota.

Payday Loan Collectors in Hot Water

Written by David Schmidt. Posted in Payday Loan Laws

New York has been the location of much turmoil in the payday loan industry as of late. First, there were lawsuits handed to the larger payday loan companies operating out of South Dakota. The interest rates were considered to be excessive by the New York district attorney, which resulted in the pending lawsuit. While that is still being discussed in court, a new problem has arisen in the state. Some payday loan collectors in the Erie County have been ordered to pay hundreds of thousands of dollars in restitution to what the state considers victims of excess.

Payday Loan Laws in New York

Prosecutors in a state court have identified five separate payday loan companies as not following proper loaning laws. On September 30th, Erie County moved forward with punishing the five different companies by forcing them to pay upwards of $300 thousand dollars in restitution payments. Those who have been victim of high interest rates that were considered excessive by the state are receiving a portion of those funds.

It is as much a punishment as a restitution procedure. Those companies have far more money than they are forced to release with this injunction, but it is a symbolic gesture in a state that has been known for hard-nosed perseverance against the payday loan industry.

Moving Forward with Cash Advance Lending

The state of New York has brought these restitution payments on payday loan companies as a sign of the things to come. Only a month ago, the state was pursuing some of the largest tribal payday lenders in the country in order to make them stop lending in New York. The same trend is being continued and although prosecutors have come to many deals with the payday industry, it seems that public opinion is running thin.

There are millions of New Yorkers who find themselves in debt because of the payday loan industry. Most of them are poorer citizens, but in a Democratic state, it is no wonder that the cash advance industry is taking a beating. The excessive interest rates that are allowed in the 29 or so unregulated states are not welcomed in New York, which brings many problems.

Even though the poor are reliant on payday lenders in some situations, the excessive payday interest rates are causing people significant problems across the state. There is no telling whether the state will start to ban the use of payday loans outright or just place even more restrictions on them. Considering how many people utilize these loans, it would be a wonder if they did decide to stop payday lending for good.

Erie County Payday Lending

How this will impact Erie County is even harder to debate for onlookers. The state has shown significant muscle in working with payday loan companies, but they have had moments of weakness as well. It is unknown how the people of Erie County will react to this news. The restitution might make them feel justified in their ongoing use of cash advance lending.

Other people think the news and blowback might have a positive influence on their borrowing practices. If this is the case, the state of New York might be the microcosm for the rest of the country. If the laws and users band together, it is possible to reduce the profitability of the payday loan industry forever.

Western Sky Not Welcome in New York

Written by David Schmidt. Posted in Payday Loan Laws

Wetern Sky LoansNew York regulators have determined that Western Sky, along with a wide variety of associated companies, are no longer welcome in their state. One of the great things about the American federal system is that states are allowed to make such decisions and claims when they would like. Although the federal government has not brought charges against Western Sky in order to stop them from operating any longer, the state of New York is hoping to get rid of their influence over the state’s residents.

Lending in New York

According to the lawsuit filed by New York prosecutors, since the year 2010 Western Sky has managed to accumulate nearly 18,000 loans to individuals in the state. The loans for these 18,000 individuals has reached the mark of $38 million in principal. Even though this seems like a lot of money, the New York prosecutors are quick to point out that this investment will raise them nearly $185 million in outstanding loans and finance charges. This type of profit on the backs of hard working New York residents is exactly what the government is trying to go after.

It isn’t just Western Sky that is not being welcomed in New York. There are many other associated companies where the money is coming from that makes it hard for people to stomach their dealings. The CashCall Inc. and WS Funding LLC are both recognized in the lawsuit as parties within this ring. Although Cash Call is just a servicer or Western Sky’s loans.

What is the Western Sky Lawsuit Going to Do?

The Western Sky lawsuit offers an opportunity for regulators to get rid of the company in their state. It sets precedence that it is possible for state regulators to want lending practices that do not exceed a certain limit. Once the case is resolved, it will lead to a wider range of denials and prohibitions in other states as well.

Given the amount of money that the Western Sky company has loaned to New York individuals, it makes sense that they would fight this to the best of their abilities. Even with all of their lawyers and financial might, it may not be enough to stop the public opinion in New York. Most people are fed up with predatory lending in the New York area after the Mafia had such dealings with people throughout the past few decades. New York payday loan laws are clear regarding these types of cash advances.

Payday Loan Industry Fallout

The fallout from the payday loan industry is nothing new. People have been having problems with payday loans for a long time and it is no wonder that there are so many potential lawsuits about to be filed. Most of the time, it is possible for payday loan companies to get out of hot water by showing that they are providing a service with risk that nobody else is willing to take. Either way, the Western Sky lawsuit is going to be something that is talked about in legal history for a long time to come and it may not be in the best interests of the payday loan industry.

Tennessee Payday Loan Laws

Written by David Schmidt. Posted in Payday Loan Laws

TN payday loan lawsStuck in the middle of the United States, Tennessee often gets forgotten. While it isn’t the deep south, New England, or the rust belt, it is a state that is unique in the country. The centers of Nashville and Memphis are some of the economic heartlands of the region and even though they lack a stereotypical geographic location, they are an important part of the country. As with most states, the Tennessee economy has been hurt by the economic recession. Many have started taking out payday loans, which is crushing families under a mountain of debt. Tennessee payday loan laws have been developed in order to directly combat this problem.

Tennessee Payday Loan Laws and Interest Rates

As far as the interest rates are concerned, Tennessee has a poor record of protecting citizens from the big companies that want to lend them into the payday loan trap. The Tennessee payday loan laws actually permit some of the highest APR rates on a $100 14- day loan than anyone else in the country. With rates of 459% it is hard for many citizens to take a small loan and pay it back quickly. For this reason it might be necessary for you to consider taking out loans some other way.

The Tennessee payday loan laws may be a function of the strong lending lobby that is in many of the states. Even though the annualized percentage rate for the loan is quite high, the industry can claim much higher if the free market allows it to. In that respect, the people of Tennessee are somewhat lucky.

Licensing and Tennessee Payday Loan Laws

Like other states, there are some penalties and restrictions when it comes to licensing services. Companies that try to lend money to people must abide by some of the registration and licensing laws that Tennessee has passed. Nonetheless, these laws are also somewhat lenient on the companies compared with the other states. The one and only state licensed lender is PayDayOne, which has a very good track record in the state and has done its job well.

If you are in the state of Tennessee and you need to borrow money as quickly as possible then maybe you have no choice. However, Tennessee payday loan laws are not exactly the easiest things to work with. Often they do not always have the best interest of the customer in mind compared with other states.

State Payday Loan Laws

Written by David Schmidt. Posted in Payday Loan Laws

payday loan laws by state

Find the latest laws regarding payday loans right here.

Like many laws in the United States of America, payday loan laws vary from state to state. Each state passes regulations and bills that help to regulate the payday loan market in a way that is beneficial to them. Some states have lenient restrictions on payday loan laws in order to encourage free market forces to work, while others prefer to rein in predatory lending with more oversight. Knowing the state payday loan laws where you life is an important way to protect yourself from falling victim to predatory lending or debt that might make your life unpleasant. Below we will offer a few tips that will help you to research state payday loan laws and links to information on your state.

General State Payday Loan Laws

There are a number of state regulations that have implications for how payday lenders work in each state, but there are a few similarities you should be aware of. Most states have a minimum and maximum level for the term of the loan. Some states offer a minimum of 5 days while others offer 10, but these rules will change the way you do business with payday lenders based on your state. Another indicator you should look for is the minimum and maximum amount that a lender can give. In some cases the payday loan lender can only give $500 to a borrower, while in other cases the laws at set at a percentage of the gross monthly income of the borrower. Each state has a different regulation. In fact, some states ban payday loans altogether.

Fees and finance charges are another commonly regulated aspect of payday loans. In order to prevent incredibly high interest rates, many states set an upper cap on the amount that payday lending companies can charge. Although lobbying in each state has made it possible to still extract over 400% ARP, this is still an upper limit that could be much worse if the free market could continue.

Licensing and Liabilities for Payday Lenders

Consumers also have to make sure that they realize which online payday loan lenders are licensed and registered with the state that they reside. Each state usually only has a few online payday lenders (with a few exceptions), so it is imperative that you determine whether or not an online company is acting illegally by lending you money. In many cases this can lead to extremely high interest rates that land you in thousands of dollars of debt for only a small loan. Do not fall victim to these types of shady practices. Instead, make sure all of the laws are being followed with your storefront or online payday lenders.

As each state is different, we have compiled a list for you to consult every time you have questions about payday lending laws in your state. Hopefully it will provide useful for you to better understand your rights and protect yourself from predatory lending that has already hurt so many individuals and families.

Alabama Payday Loan Laws

California Payday Loan Laws

Colorado Payday Loan Laws

Florida Payday Loan Laws

Illinois Payday Loan Laws

Indiana Payday Loan Laws

Massachusetts Payday Loan Laws

Nevada Payday Loan Laws

New York Payday Loan Laws

North Carolina Payday Loan Laws

Ohio Payday Loan Laws

Oklahoma Payday Loan Laws

Oregon Payday Loan Laws

Pennsylvania Payday Loan Laws

South Carolina Payday Loan Laws

Tennessee Payday Loan Laws

Texas Payday Loan Laws

Utah Payday Loan Laws

Virginia Payday Loan Laws

Alabama Payday Loan Laws – Get The Facts You Need

Written by David Schmidt. Posted in Payday Loan Laws

alabama payday lender laws

Do you have too many payday loans? Really read through our site and see how you can get real help now.

Rural communities across the southern United States have been particularly troubled with the aspects of globalization that make agriculture less lucrative. States like Alabama have long since seen the glory days of the cotton plantations fade, which means that a sizable portion of the population are in need of work and money. Payday loans have quickly become a way for citizens to fill income gaps, but these are only temporary fixes for problems that are far more serious. Some of the new Alabama payday loan laws are great for protecting citizens, but there are others that are unique and open to interpretation. You must make the decision for yourself whether or not the Alabama payday loan laws actually protect you or not.

Terms and Loans by Alabama Payday Loan Laws

As with many states, Alabama has set terms and loan amounts that lenders are allowed to offer the borrower. The laws in Alabama are about on average with the rest of the nation and is actually quite similar to the majority. The state only allows $500 payday loans to be given out to borrowers in order to reduce the impacts when they cannot pay loans. However, one difference is the minimum and maximum term difference that makes borrowing more flexible. Borrowers have between 10 – 31 days to get the loan finished, which gives a flexibility that helps both the consumer and the lender.

Still, the rate under Alabama payday loan laws is quite good compared to others. The maximum charge is 17.5% on a loan of $100, which is higher than some, but quite low compared with Tennessee and some other states nearby.

Licensing and Alabama Payday Loan Laws

Another key indicator of the protection afforded to consumers is the licensing aspect that any state requires for lenders. Online lenders are especially required to get the proper licensing information in order or else they cannot legally operate in the state. The state of Alabama has legally licensed “CashCentral,” “CheckCity,” and “ChecknGo” in order to make sure that these companies follow specific guidelines and restrictions.

If you are trying to get an online loan from another site then you must realize they are not following Alabama payday loan laws and this is therefore illegal. Make sure that you are protecting yourself from predatory lenders that are not licensed in the state that you are living so that you do not have extremely high fees.

Nevada Payday Loan Laws – Get The Facts Now

Written by David Schmidt. Posted in Payday Loan Laws

payday loan laws in Nevada

If you live in Nevada you must know your rights regarding payday loans laws

The state of Nevada has long been known for taking a poor location and making the best out of it. The real estate market was good for many years in the years prior to the economic recession in 2008. Since then, many people have had to lose their homes because their mortgage was under water. Many others have a huge loss of net worth due to the collapse of their property costs. Many poorer people are turning to payday loans in order to fill the gap that their real estate woes have caused. Many of the politicians have started to develop Nevada payday loan laws in order to protect many of the citizens suffering from these problems.

Nevada Payday Loan Laws for Licensing

When determining the effectiveness of Nevada payday loan laws, one must first debate licensing arrangements. In many cases, the licensing agreements are very lenient and in others they are strict, but Nevada seems to be a bit of an anomaly. Even though the state has a rigorous vetting process for any new company that wants to lend money, there are still many different online lenders in the state that operate with a license. This may stem from the huge demand for payday loan debt or the fact that many of the companies are actually founded and headquartered in the state of Nevada.

Either way, some of the licensed companies in Nevada include “CashCentral”, “CheckCity”, “ChecknGo”, “PayDayOne”, “QLoot”, and “SpeedyCash”. All of these online lenders have a very effective track record, but there are still questions about why so many are needed.

Finance and Fees for Nevada Payday Loan Laws

The laws in Nevada, despite what the licensing agreements might show, are sometimes surprisingly consumer friendly. However, the maximum loan amount that is allowed in the state is probably one of the main reasons why lenders love the state so much. They allow borrowers to get 25% of their gross monthly income in a single payday loan. For those making very little money this can be useful. However, there are many people that can borrow over $500 – 1000 with the use of this rule. This creates an incentive for companies to include high interest rates and ensnare people into paying for a long period of time. Nonetheless, the state of Nevada has tried to offer better service to consumers, but it is up to you to decide what is right.

Colorado Payday Loan Laws

Written by David Schmidt. Posted in Payday Loan Laws

Colorado payday loan lawsPolitics and judicial activism go hand in hand and the state of Colorado is no different. Due to the increasing influx of students and younger people into Denver and Boulder, much of the state’s landscape is changing. In the political scene, the state is now a battleground, which means that politicians are doing more to get their position solidified. Many of the Colorado payday loan laws are being used as a way for politicians to tout their own progress and show their willingness to put the people before the rights of the large payday lending companies. Below is an overview of some of the laws that have been enacted to protect you and your family.

Colorado Payday Loan Laws for Your Protection

One of the main things that Colorado has done for your own protection is to stop the payday loan trap dead in its tracks. In many states it is okay for a single borrower to get multiple payday loans so long as they are aware of the higher interest rates and multiple lenders that they need to pay. However, the Colorado payday loan laws offer the protection to the people who might not be able to help themselves. They have limited each borrower to a single payday loan from licensed companies in the state. In order to avoid the payday loan trap, this is one of the only laws that can be implemented. Thankfully, the people of Colorado have done so.

The length of the loan has also been extended past the number of days that most states require. While 15 days is the norm in some states, 40 days is the law in Colorado. This is further evidence of the Colorado payday loan laws protecting the consumers of the state.

Licensing within Colorado Payday Loan Laws

Another main issue that deals with consumer concern is the issuing of licenses for companies to conduct their business within the state. Every online lender, arguably one of the most dangerous kinds, must be licensed within the state of Colorado in order to continue working. The CheckCity online lender has been able to get the license within the state, which means that it is helpful to consumers in a way that the state continues to watch. Thankfully, these licensing ploys allow the government to watch companies to make sure they are not taking advantage of people who are unable to defend themselves.

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