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.

Payday Loan Help in New Jersey

Written by David Schmidt. Posted in Payday Loan Debt

Residents of New Jersey can now get legitimate payday loan help

Due to the proximity of New Jersey to the east coast and New York City, it is no surprise that the state felt the full effects of the economic recession. Companies went bankrupt and many of the employees of the state were forced to go home empty handed and without jobs. This has led to huge problems for the state as more people have turned to different types of debt to fill the gaps. Many people are looking for payday loan help in New Jersey because of these new developments and there are a few ways that some savvy debtors can get it.

Finding Payday Loan Help in New Jersey

Although many of the people who have payday loan problems in New Jersey are trying to find a solution, they do not have to just look within their own borders to find it. Many times it is possible for men and women in New Jersey to get the best help from other people and loan consolidation companies that have contacts in the industry that may be greatly beneficial. The best case scenario for a debtor is to find a debt consolidation company that has the contacts to make sure you pay only the amount that you borrowed plus a small amount of interest to them. If you are unable to find a consolidator like this in your home state of New Jersey then you need to take a look at many of the other places that exist around the United States.

Once you have found a good consolidator, you will notice that there are a few steps that you need to take. Make sure that you are willing to provide all the information to your consolidator so that they can attack the lenders with as much fury as necessary to get that rate lowered.

At the end of the day it is good to have payday loan help in New Jersey. The lenders in that state, like most others, have a strong lobby that prevents most people from getting the protection that they need. When clients are not protected it leaves them open to being taken advantage of by the many different lending companies that exist. Make sure you are contacting someone immediately with regard to this problem and you will not be sorry. Don’t obsess about finding a local consolidator if you can find someone elsewhere in the country that will do a better job.

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.

Massachusetts Payday Loan Laws

Written by David Schmidt. Posted in Payday Loan Laws

massachusettes payday loan laws

Get the facts on Payday loans here and help if you need it.

As a financial center of the United States, Massachusetts plays an important role in the payday loan industry. Many of the laws that are developed in order to service this portion of New England are utilized for other parts of the country. However, payday loan laws have a strict ruling in this part of the country and many of the lenders that are operating might be doing so illegally. This brief article will help you to identify how to use Massachusetts payday loan laws to your advantage in the event that you are being given the run around by a company that is not legally functioning.

Using Massachusetts Payday Loan Laws for Your Benefit

Even though you may not know it, the payday loan laws in Massachusetts are very strict. In some cases, people might even say that lending in the state is almost prohibited. The rates that payday lenders are allowed to charge are far lower than the industry standard. In many cases, this does not scare all the lenders away, but few are able to maintain a solid profit under these conditions.

Still, many companies utilize the legality of the state to get a foot in the door and then charge higher rates. Many people in Massachusetts have been victims of this type of thing, but that doesn’t mean you have to be as well. Make sure that you see what the cap on the costs they can charge is and then you can determine whether or not you want to pay it or not. In all likelihood, it will be something that you are not necessarily interested in paying for because it is against the law for them to be charging those rates anyway.

Learn Payday Loan Laws in Massachusetts

Due to the fact that the government is so strict in Massachusetts, you need to learn everything that you possible can about the laws and industry in the state. This way you will be able to defend yourself if you are being charged excessive rates. In some places, this is a divisive issue and Massachusetts is definitely one of the hotspots for the debate about payday loans.

If you are falling victim to aggressive lenders, you need to learn Massachusetts payday loan laws so that you can protect yourself and avoid being taken advantage of. In most cases, know that the law is on your side if the rates are stacking up against you.

Difference Between Internet and Storefront Payday Loans

Written by David Schmidt. Posted in Payday Loan Debt

Storefront and internet payday lenders

Whether you owe internet or storefront lenders they are difficult to deal with if you are struggling.

The payday loan world can be a confusing maze of laws, regulations, and disguises. Many government bodies want to try to help the citizens by protecting them from greedy lenders, but in some cases the laws just confuse everyone. Also, the variation of the laws from state to state makes it difficult for most people to figure out exactly what is best for them.

One of these issues, is the difference between internet and storefront payday loans. In the article below, we will hopefully help you understand the difference between internet and storefront payday loans as they pertain to the difference states within the country.

Online Payday Loans

Many people find it increasingly convenient to use online payday loans in order to fill the gap with their income. Families who have found their income drop as a result of the economic crisis since 2008 have been prone to borrowing from a convenient online outlet. Still, there are a few factors that every borrower should know about the online loans.

First of all, the amounts they are allowed to give out should vary depending on the state. If you are in a lenient state you might get to borrow anywhere from $500 – $1000 from an online lender, but in some states it is even less. Many lenders like Check N Go are issuing installment loans that can go up to $2500.00 which can be borrowed online as well.

Another important factor to keep in mind is that the online payday loan lenders must be licensed in each state. If you are borrowing money from an online outlet that is not licensed in your state, there is illegal activity going on. Make sure you look up the payday loan laws of your state and see which sites are licensed for you to use.

Storefront Payday Loans

The storefront payday loans are a little more safe in the sense that you do not have to worry if they are licensed or not. For the most part, they are going to be licensed if they are operating out of a storefront. Still, this does not mean that they are not trying to break the rules in order to make more money.

In fact, some of the storefront owners will intentionally offer you more money if you need it so that they can collect a higher interest rate than would normally be allowed by state law.

Make sure you are aware of the state laws in your state as they pertain to the storefront lenders. These may be easier to get cash immediately, but they will also be able to harass you in order to get their money back.

Difference Between Internet and Storefront Payday Loans

The difference between internet and storefront payday loans is actually quite great in some respects. When it comes to getting payday loans consolidated make sure you let the company you are speaking to know what lenders you owe so they can tailor the right quote for you.

Sometimes the consolidation agency will have far better contacts with the online lenders, which will make their job easier. Another important note is most consolidation companies will not work with storefront loans. Make sure you consider all of these differences before you decide whether or not you will borrow payday loans from the online or a storefront lender.

Too Many Payday Loans Help

Written by David Schmidt. Posted in Payday Loan Debt

new help with online payday loans

Most people with online payday loans need help due to high interest. You can count on us to get the help you need.

If you look on the internet forums and other blogs online, you will probably see people struggling. I read a heartfelt plea from one blogger who simply complained that she had too many payday loans help needed. It was even more difficult to read such a tragic story as she was a single mother trying to provide for her kids in this difficult economy. For families like this there is only one real way out to the other side. Getting the proper help that she needs might be embarrassing in some ways, but it is absolutely necessary for the large majority of debtors. All of the men and women who are suffering with payday loan debt need to be getting payday consolidation help as quickly as possible.

Raising a Family and Payday Loan Debt

This poor woman was trying to raise two kids by herself without the help of anyone else. In her time of need she turned to payday loan lenders who were charging her higher interest rates every time. Some of them even knew she would not pay, but would therefore fall into the payday loan trap as she did. She had her pride for a while, but at a certain point it just became too much.

Raising a family is difficult enough, but dealing with crushing payday loan debt can be very difficult. She was a strong woman with an even stronger resolve, but not everyone has the ability to deal with that kind of hardship.

Advice for Payday Loan Debtors

The only advice for a person like this is to speak with a payday loan consolidator who can help to get rid of those loans efficiently. Many of these agencies have the contacts and the resources to speak with lending representatives in order to get the fees reduced on a monthly basis. This will be useful in a number of ways. First of all, you will pay much less over the course of the debt. You will also have to pay less on a monthly basis. Finally, you will not be forced to pay multiple places, but to one institution only.

All of these factors make payday loan debt consolidation a very good option for single mothers with a family or any other person who might need help. Some people have too many payday loans, but you should let that drag you down. Get a loan consolidator and you can get out of your troubles.

South Carolina Payday Loan Laws

Written by David Schmidt. Posted in Payday Loan Laws

payday loan laws in South Carolina

Payday loan laws can be tricky, get the facts here

The economic recession of 2008 has hit the entire nation hard, but many small communities in South Carolina were especially affected. Some of the people who have found hardships turn to payday loans to fill the gaps, but this can lead to extremely high debt burdens that are hard to pay off. South Carolina payday loan laws are also excessively difficult for lenders to exploit, which is information that you need to arm yourself with in the future. There are many things that can go wrong when you are borrowing money, but with the law on your side you can at least defend yourself from injustice.

South Carolina Payday Loan Laws for Protection

Learning the South Carolina payday loan laws will help protect you from some of the unwanted attention that you might get from aggressive lenders. In the state of South Carolina there are a number of laws that can benefit you from lenders or even yourself. For example, many people take out far too much money that they cannot afford to re-pay. Lenders will often realize this and capitalize in order to get you into the payday loan debt trap as long as possible. Therefore, the state cap on the maximum loan in the state is $300. This is far below the $1000 that is allowed in other states and even below the average for most others. In addition, the maximum finance charges for the debt is quite low as well. You will only be charged $15 for each $100 that you are borrowing, which can be up to five times less than some of the other states.

Many of the other states have a strong payday loan lending lobby that enables them to influence the different legislation that goes on. Luckily, the people of South Carolina do not have to contend with very difficult payday loan laws in their state. This is a great advantage that few people have.

Online Rules for Payday Loan Companies

Much like other states, the online payday lenders in the state of South Carolina must be licensed in order to operate in the state. In the case of South Carolina, only “PayDayOne.com” is allowed to operate fully within the state, which gives them a monopoly. Nonetheless, they are a trusted brand that has not had many difficulties within the state legal system so far. Still, it is beneficial to learn the South Carolina payday loan laws as soon as possible.

 

Illinois Payday Loan Laws

Written by David Schmidt. Posted in Payday Loan Laws

Illinois online payday loans and laws

If you live in Illinois you should know the laws that pertain to the payday loans you have taken out.

As a large Midwestern state, Illinois has had particular interest in the payday loan industry. Many of the people in this region have lost their jobs as a result of the economic decline in the region. The “rust belt” as it is now called has played a large role in shaping the Illinois payday loan laws that exist today. Many of these laws are groundbreaking for their scope and ability to accommodate both the lending companies and the protection that people need. In this article, we will offer you a bit of information about the industry in the state of Illinois and how you might be able to avoid paying high rates for nothing.

Learning Illinois Payday Loan Laws

Like a few other progressive states, Illinois has set the amount of money borrowed at a threshold amicable to both lenders and the general public. The lenders are not allowed to offer more than $1000 or 25% of the borrower’s gross monthly income. This means that people who are wealthy, but just need some quick cash to tide them over, can now do that. At the same time, poorer people who might borrow too much and enter the payday loan trap are unable to do so.

This is a key benefit of Illinois payday loan laws that actually protect everyone involved. While it could be argued that it is not a free allowance, this is still a great idea in most people’s eyes. In addition, the maximum fee that can be charged as interest in the state of Illinois is only $15.50 per $100, which is far below many other states. Missouri, for example, allows lenders to charge $75 for the same amount borrowed. This is a huge protection for people that have debts and cannot afford to pay them quickly.

Online Lenders in Illinois

Many of the online lenders in the state of Illinois are well known in other states as well. Some of these websites online include “CheckCity.com”, “ChecknGo.com”, “PayDayOne.com”, and “SpeedyCash.com.” All of these companies have been accredited and allowed to operate in the state of Illinois. Thankfully, this should allow you an amount of competitiveness that will encourage companies to actually lower the interest rates.

Nonetheless, whether it is an online company or a nearby store, you need to make sure you know Illinois payday loan laws so that you can protect yourself from lenders that might take advantage of you. If you have payday loans either from online lenders or storefront loans and need help getting out of the payday loan trap please let us know so we can give you a quote.

Payday Loan Laws in Oklahoma

Written by David Schmidt. Posted in Payday Loan Laws

payday loan laws in OK

If you live in Oklahoma and have payday loans we can help you.

As with many other states in the country, Oklahoma has not fared very well during these tough economic times. Their casino businesses have been able to maintain a level of income for the government and many of the communities, but this is not nearly enough to make ends meet for most families. Some of turned to payday loans in order to pay for food and other essentials. Many of the politicians, in an attempt to protect their constituents, have started to create payday loan laws in Oklahoma that are incredible beneficial to the men and women that are living there.

Payday Loan Laws in Oklahoma and Licensing

In the interest of the consumer, protection is also a major factor when determining the licensing agreements and arrangements of the state. Payday loan laws in Oklahoma state that every payday lender must be licensed with the state in order to lend any money. This has meant that online lenders must be licensed and are therefore not likely to provide any kind of shady agreements with citizens. The “Check n Go” and “Speedy Cash” names are both allowed to service the Oklahoma area so long as they continue to abide by the laws that govern them through their licensing agreement with the state of Oklahoma.

Length, Fees, and Payday Loan Laws in Oklahoma

Many of the states in the country have a set amount of time for payday loans to be valid. Rather than create a range of days that lenders and debtors can establish some kind of arrangement, the length of the loan is usually a set time and no other. However, in an effort to allow flexibility on the part of both the lender and the debtor, the law allows for 12 – 45 days for the laws. This is one of the payday loan laws in Oklahoma that directly helps the men and women who are struggling to make ends meet.

This flexibility is also combined with a great cap on the amount of interest that the payday lenders in Oklahoma can charge their clients. The rate for $100 is around $15, which is much lower than in other parts of the country. Many other states have higher rates than that with additional fees for going over a certain threshold. In the interest of the people of Oklahoma, these laws have a strong citizen bias rather than one towards the companies who offer the services.

Get Payday Loan Help in North Carolina

Written by David Schmidt. Posted in Payday Loan Debt

payday loan help in NC

There is now help for residents of NC regarding their payday loan debt

As we speak, the United States is undergoing tremendous social, political, and economic shifts. The elections for the 2012 Presidential race are increasingly pervading the lives of citizens and many wonder what the future will hold. Of utmost importance to many in the swing state of North Carolina is the economy. Many jobs have been lost and people are increasingly turning to credit card and payday loan debt in order to fill the gaps that unemployment is leaving. As the economic crisis has left millions out of work, many are deep in debt. Few know how to get payday loan help in North Carolina or where to turn, but we are offering the best advice on the matter that we can. Hopefully, it will help you to decide what needs to be done for your own future.

Reasons to Get Payday Loan Help in North Carolina

Some people can allow debt to pile up, but there are many reasons to get payday loan help in North Carolina. Living with debt can be a burden that not only you have, but your family also shares. This can lead to drastic changes in the way your family may behave towards you. Suddenly, buying food at the grocery store becomes more of a chore as you look at the prices and compare coupons consistently. Then your children are unable to take part in the events that they like because the interest rates on your debt are weighing you down. These are commonplace problems for people in the United States, which is why more residents need to actively get payday loan help in North Carolina. Your family will be far better off if you deal with your problems proactively rather than waiting for interest to accrue.

Your own personal sanity and health are at stake as well. For people who are worried about whether they will be sued or harassed by payday loan companies (all illegal mind you), there is little comfort in day-to-day things. Most people it incredibly hard to focus on what is important, such as family and friends, when the debt is piling up and shows no end in sight.

Payday Loan Help in North Carolina

Thankfully, all of these reasons for getting payday loan help in North Carolina have a great solution. The payday loan consolidation industry has grown at pace with the payday lenders, which means that there are many options for you to get your loans consolidated. These experts will be able to help you get your payments down to a single sum that is directed to one company at a low interest rate. Rather than deal with many different lenders who are consistently harassing you and provoking you, instead try to find someone who will legitimately be on your side.  You should also be aware of the payday loan laws in North Carolina.

The other option is to declare bankruptcy, but most people do not want to do this. It is a painful process and one that can be avoided with a payday loan consolidator like our firm to help you get payday loan help in North Carolina.

Get Payday Loan Help in Pennsylvania

Written by David Schmidt. Posted in Payday Loan Debt

Even though the “rust belt” portion of the United States is known as the manufacturing heartland of America, there are other centers that have

payday loan help for PA residents

Don’t let payday loans keep you from living your life. Call us now.

been hit hard by the current economic slowdown. In Pennsylvania, the state is in the middle of the services sector and the manufacturing and agriculture sector. With emphasis on both things, it is easy to see how many people in Pennsylvania are hurting from the economic problems that have befallen the country. Many people are forced to turn to debt in order to support their lifestyles simply because work is either not available or the bills are piling up faster than they can pay. Payday loans are particularly dangerous and anyone with them should get payday loan help in Pennsylvania as soon as possible. We will try to offer a few tips to stay out of debt as well as a few places in which you might be able to get a good resolution.

Avoid Needing Payday Loan Help in Pennsylvania

Obviously one of the best methods of getting rid of your payday loan debt is a system of prevention rather than trying to solve the problem after the fact. While we recognize this is not always easy, it is still important to remember the few outlets that always remain that can be tapped for cash at any time. In those moments when you are about to go into debt in order to pay for dinner, turn to these instead and you can save yourself a lot of heartache in the future.

Make sure you are aware of all the natural ways you can use your body to make money. Hospitals are desperately in need of plasma, bone marrow, and blood. If you are a healthy person then there is no reason why you can’t help to save someone’s life and also make some money to feed your family at the same time. Additionally, private companies (often referred to as sperm banks) will frequently pay a high amount of money for male sperm. There are obviously things to take into consideration before any of these options are used, but it is nonetheless available to those who need it.

Get Payday Loan Help in Pennsylvania

If for some reason you are unable to use some of the methods proposed in the paragraph above, then you may end up needing to use payday loans to fill the gap. There is no shame in this even if you want to avoid it at all costs. However, when you do get payday loans and they start to build and accrue large interest payments, then you need to get payday loan help in Pennsylvania as quickly as possible.

Do this immediately by contacting a highly reputable payday loan consolidator that may not even be in your area. Although very few, some of the best consolidators are located around the United States and have connections with many of the biggest lenders that you have fallen victim to. Make sure you contact someone immediately to get the help you need. Another key factor is to never use a company that holds on to your money before paying lenders.

Get Payday Loan Help in Texas

Written by David Schmidt. Posted in Payday Loan Debt

payday loan help in Texas

Texas laws are simple, get the help you need now.

The state of Texas is infamous for their business friendly and free market laws. While this has helped them to become one of the wealthiest and prosperous states in the United States, it is also causing them troubles when it comes to the payday loan industry. As many people already know, the payday loan industry is an increasing problem in the United States due to the large amounts of debt that people are accumulating and are unable to pay off. However, the most important aspect about the payday loan industry in Texas is the lack of protection for clients. Several people need to get payday loan help in Texas, but cannot do so because of the free market protections and laws. Still, this is all about to change.

Ways to Get Payday Loan Help in Texas

One of the main ways to get payday loan help in Texas has nothing to do with the laws at all. While we will discuss the changing atmosphere of payday loan laws in the state of Texas, we do want to point out that there are perfectly capable ways of getting payday loan debt help in Texas. Just like any other part of the United States, a debt consolidator can help you by speaking with your lenders in order to reduce the rates. In most cases, the consolidators are able to reduce rates by quite a large percentage, but then they can also charge a lower rate on a monthly basis as well.

Many of these consolidators do not make much money, but are instead worried about the well being of their clients. For this reason, it is a good idea to get payday loan help in Texas from a consolidator who is looking out for both of your well-beings. Best of all, this consolidation will help men and women to avoid the hassle that often comes with payday lenders in the state of Texas. While there are definitely laws that protect people against their abuses, they will consistently hound people anyway.

How the Government Will Offer Payday Loan Help in Texas

Some new developments have really started to shake the foundations of what many Texan politicians think. First of all, the payday loan lobby has always been so strong that few state laws have been passed. The amount of money that goes into stymieing bills is astounding, but it usually works. However, many people in the state of Texas have found a way around this. They have decided that they can simply pass ordinances at the hyper local level, such as within the cities, in order to help get payday loan help in Texas for people that need it.

While the ordinances have yet to go into effect and are contested by many state legislatures, they prove that Texas is finally on a better track for protecting the people that live within its borders. Texas is a great state to work and live in, but these types of protections need to be added more often.  If you live in Texas and have payday loans you need help with you can count on relief from our payday loan consolidation program.

Payday Loan Laws in Virginia

Written by David Schmidt. Posted in Payday Loan Laws

payday loan laws in VAThe military hub of Virginia is well known for housing thousands of American soldiers who are training or preparing for deployment around the world. For this reason, many of the payday loan laws in Virginia reflect the military presence in the state. Below we will offer a full list of the laws in the state of Virginia governing the use of payday loans. With a specific focus on some of the military restrictions that are unique to the state, we hope that this will help people in all situations to avoid hard times and protect themselves from predatory lending.

Payday Loan Laws in Virginia for Payments

One of the unique aspects about the payday loan laws in Virginia is that there is such a focus on military personnel. The storefront and online payday loan lenders operating in Virginia are not allowed to offer services to many of the military personnel who are considered off limits. Military commanders for different units make the decision whether or not they want to allow their soldiers to get a payday loan and in most cases the answer is a negative. In addition, men who are in the military who are allowed to get payday loans must not have their wages garnished while they are in combat duty or on a support base for combat members. Thankfully, the payday loan laws in Virginia help to protect our military men and women from predatory lending.

Licensing and Payday Loan Laws in Virginia

As we have seen, the state of Virginia has the best interests of the citizens in mind. They take this mentality into the civilian world as well. Every money lender in the state of Virginia must be licensed by the state, which means that few can actually pass the online tests. One online lender by the name of CheckCity has been able to pass these tests in order to become the sole online provider in the state.

Competition remains high as there are a plethora of storefronts available for the needy customers as well. Many of these companies are flourishing because of the 26.38% interest rate on debt of $100 in the state of Virginia. While this is much lower than free market might demand, it is definitely enough for companies to make a good amount of money. Either way, you can now use these laws to your own advantage to protect yourself.

Oregon Payday Loan Laws

Written by David Schmidt. Posted in Payday Loan Laws

Oregon pay day lending lawsThe state of Oregon has long been touted as one of the hidden gems of the United States. The state is largely rural with some great population centers that are friendly, economically strong, but also mindful of consumer protection. As many people turn to payday loans in order to fill the gaps between their income and spending, Oregon payday loan laws have started to become a topic of debate. This is great for many of the people in the state who feel that the politicians should defend them from predatory lending. In fact, the following article will help you understand when the latest laws have been enacted in order to protect you and your family.

Oregon Payday Loan Laws in 2006

Even before the economic recession of 2008, the payday loan industry was getting large in the state of Oregon. In 2006 the S.B. 1105 series of Oregon payday loan laws was passed to limit the maximum amount of money that lenders to offer to borrowers. The limit was capped at 25% of the net monthly income. This is a similar approach to Nevada and it prevents poorer people from getting way more money than they can hope to earn. It also stops lenders from offering money to unemployed people who are a definite way to the easy payday loan trap.

Within this S.B. 1105 series of Oregon payday loan laws, the minimum for loans is set at 31 days with the maximum at 60 days. This is one of the highest in the entire country, which makes it the most helpful for consumers of payday loans. However, there are some hiccups when it comes to the interest rates. Many of the lenders have no caps on the limits, which means that rates can be very high. Even though they cannot borrow a lot of money, a high rate can still be detrimental.

Licensing and Oregon Payday Loan Laws

Another issue that Oregon has had to deal with is the prospect of granting licenses to online lenders. A license is required for each company that wants to operate in the state, but none have actually been known to have the license. This means that the restrictions are probably quite strict, which is in the best interest of the consumers. Even though this is the case, there are illegal lenders that are definitely providing ill-advised services that will hurt people immensely in the long run.

Ohio Payday Loan Laws

Written by David Schmidt. Posted in Payday Loan Laws

payday loan laws in OhioLike many of the laws in the United States, there are state provisions that make industry different for every state. Ohio payday loan laws are unique to that region and we are going to try to use the following article to help you understand the very basic aspects. If you understand the loan laws in Ohio then you might be able to avoid unnecessary problems or you will know your rights so that you can avoid certain situations that might be uncomfortable for you.

Payments and Ohio Payday Loan Laws

Most of the states try to set their minimum and maximum payday loan amounts to around $500, but this is not the case with the great state of Ohio. They have taken a different route entirely, perhaps due to the already poor state of the economy and difficulty that many people are having when searching for work. Either way, the Ohio payday loan laws stipulate that $800 is the minimum and maximum amount of money that can be given to borrowers in the state.

Furthermore, the rules on the fees and finance charges for Ohio payday loan laws can get very tricky. People are charged 5% per month on the balance of unpaid loans plus a $5 fee. In addition, debtors can be charged an additional $3.75 for each $50 above $500 that is owed. Unlike other states that simply choose a specific fee or percentage, the Ohio ordinance is quite different.

Payday Loan Lenders in Ohio

Like many other states, there are only a few certain websites that are allowed to lend to people in the state of Ohio. The websites “Check n Go” and “Pay Day One” are two of the more popular ways for people to borrow money in order to pay their bills. These are the only two legal lenders in the state, so do not feel threatened if some other companies try to get money extracted from you.

Interestingly, the Ohio payday loan laws allow these online companies and other storefront lenders to offer a 390% APR on a 14-day loan of $100. As far as some payday lenders are concerned, this is actually not that high, however many other people argue that it is. Either way, these are some of the laws in Ohio that anyone who needs a payday loan should be aware of. Without knowledge of these facts it is easy to get into financial trouble.  Its always prudent to take great care in taking out these loans as getting into a payday loan trap is too easy to do.

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