The State of California Guide to Payday Loans

California is one of the 50 US states where it is legal for someone to get a payday loan. Despite financial advisers’ warnings about getting a payday loan, people still seem to think that this is a viable option for people who are in need of cash in an instant. Although there are other forms of loans or cash advances that a potential borrower can choose, the payday loan still remains one of the most popular. Continue reading “The State of California Guide to Payday Loans”

Montana Laws Regarding Payday Loans

As the payday loans industry boomed in the US in the years after the millennium, many people found themselves knowing at least one person who had taken out one of the loans, and whilst a number of people swear by them, people’s experiences were largely negative. Although the market for these loans has been dwindling and downsizing in recent years, the lenders are still a fairly common sight. Continue reading “Montana Laws Regarding Payday Loans”

Massachusetts Payday Loans Laws

Payday loans became increasingly popular after the turn of the millennium, reaching the height of their popularity and their highest numbers in 2006. This comes as no surprise, since their offer of short-term loans of small amounts, which you pay back on your next pay day is one that’s enticing to many, as it’s fairly common to find yourself short of money halfway through the month, needing to pay out for something important. Although the amounts vary by state, legally, payday loans can be for any amount between $100 and $1000, and the interest rates and charges on loans are capped in the majority of states permitting the loans. Payday loans can be borrowed from pawn shops, check cashing stores, payday loan stores (often operating online), and toll-free phone numbers. Sometimes, rent-to-own companies may also offer the loans, but it really does depend on the store. Continue reading “Massachusetts Payday Loans Laws”

Payday Lending Prohibited in Maine?

The once very popular payday loan industry is now facing a decline in its popularity and size, and has been since 2006, but as of 2010 there were still 19,700 payday loan lenders operating in the market, and they’re still making billions of dollars in profits off their loans. Whilst many states have taken the initiative to make payday loans illegal, thirty-two US states still allow them, and those that don’t allow them still allow small loans (with many placing strict limits and caps on the interest rates and financial fees and charges that can be added onto the loans). This is so that borrowers can be better protected and will hopefully limit the financial damage payday loan lenders can have on both individuals and the lending and borrowing market in general. Continue reading “Payday Lending Prohibited in Maine?”

Are Payday Loans in Arkansas Legal

In the US, it’s legal to provide payday loans in thirty-two states and many of the states permitting payday loans have set regulations and rules limiting the interest fees and charges added on to the loans, in order to protect consumers. Laws vary depending on the state in question, but throughout the country, payday loan amounts are limited to being between $100 and $1000, and lenders aren’t allowed to press criminal charges on borrowers who have failed to repay the loan by the end of the loan term. The loans can be taken out in a number of types of businesses, including: payday loan stores (which often also offer loans online), pawn shops, check cashing stores, toll-free telephone numbers and sometimes rent-to-buy stores. Continue reading “Are Payday Loans in Arkansas Legal”

Information About Payday Loans in Arizona

Payday loans are a popular and well-known feature of the lending and borrowing market now, due to the fact that they offer a loan of a small amount, borrowed over a short period of time, which the borrower simply pays back in full once their paycheck comes in. In principle, it’s a great idea, and lots of people have taken out payday loan at some point or another, or know somebody who has. The limits, caps and regulations on the loans vary depending on the state you’re in (and some states including Arizona have actually made payday loans illegal), but generally speaking, the loans can be for any amount between $100 and $1000, with an average term of fourteen days before the loan has to be repaid. Typically, the shorter a loan term is, the most expensive it turns out to be, with higher interest rates and more costly fees and charges added on. Continue reading “Information About Payday Loans in Arizona”

Learning About The Payday Loan Laws in Alaska

Payday loans have seen a huge boost in popularity since the turn of the millennium, reaching their peak in 2006, and it’s no surprise, given their promise of short-term loans of small sums, repayable on your next payday. Legally, they can be for any amount between $100 and $1000, although the amounts vary by state, and are provided by check cashing stores, payday loan stores (often operating online), pawn shops and toll-free phone numbers. Rent-to-own companies also sometimes offer loans. Unfortunately, they often prove to be very costly, and can cause people to find themselves in dire financial situations as they’re much more expensive than other cash loans, due to the high interest rates and fees added on. That’s no real fault of the loan borrowers, either, as we’re all guilty of underestimating how much we need to put aside for emergencies, or how much we’ll be able to budget.  But the payday loan lenders know that often, people will take out a second loan to repay the first, and so the cycle continues; this is why it’s important to know the facts and the situation regarding payday loans not just throughout the US, but also within your own state. Continue reading “Learning About The Payday Loan Laws in Alaska”

What Does the Law Say About Payday Loans in Utah?

Payday loans or cash advances are unsecured short term loans granted to consumers who have a steady stream of income and/or employment. Federal law provides for the broad strokes, but it allows local legislation i.e. state and municipalities to determine the details. Payday loans are outlawed and or curtailed (almost impossible requirements) by legislation in 13 states. The remaining 37 states are either safe havens or have reasonable state legislation. Continue reading “What Does the Law Say About Payday Loans in Utah?”

Payday loan laws implemented in Texas

Many people are currently struggling with their finances. This is due to the pile of bills that are needed to be paid. In rough times like this, many run to the payday loan companies where instant money can be borrowed. Payday loans are small-amount loans that are designed to be paid in a short span of time. This type of loan charges high interests. Though this is the case, still many people go the payday lending companies to get help. Continue reading “Payday loan laws implemented in Texas”