Payday loans, whilst suffering from a decline in popularity in the US, are still fairly common and are used by many people to tide them over until their paycheck comes through. They’re fairly strictly regulated in the thirty-two states that they’re permitted in, but in general, loan amounts can be for any amount between $100 and $1000 and their typical APR (annual percentage rate) rates are 400% or higher. Even if they’re repaid on time the loans end up costing the borrower much more than other cash loans, due to the high interest rates and financial charges added onto the loan repayment. Continue reading “Payday Loans Law in Pennsylvania”
Pretty much everybody in the United States of America knows about payday loans nowadays. They’re easy to get hold of and can really help you out if you find yourself strapped for cash half-way through the month, and many of us will have considered getting one at one point or another. Whilst the limitations and regulations put on payday loans vary state-by-state, they can legally be for any amount between $100 and $1000, and they can be borrowed from operators such as check cashing stores, pawn shops, toll-free telephone numbers, some rent-to-buy companies and most often, from payday loan stores, which also often operate online. The average term of payday loans borrowed in the US is two weeks, and they typically have interest rates of 400% APR (annual percentage rate), or higher. To borrow $100, you’ll often be looking at finance and admin charges of about $15 to $30, but this can rise steeply for larger amounts or for the shortest loan terms. Continue reading “Payday Loans Laws in North Carolina”
Payday loans used to be very popular in the US, thanks to the fact that borrowers could quickly and easily get hold of the money, and could, in theory, simply pay it back once they got paid at the end of the month. However, as many people found out, borrowing payday loan money rarely worked out so smoothly, as the lenders would impose costly interest rates and even more hefty late fees and charges, which resulted in many people being forced to take out multiple loans in order to payoff the ones they’d taken out previously. Continue reading “Georgia Payday Loan Regulations”
Florida is one of the states where payday loans are legal. But, although it is legal, these types of loans are regulated and citizens are regularly advised not to get a payday loan if they can help it. The reason behind this is payday loans have the tendency to lure would be borrowers into what financial advisers call a debt trap, a term used to denote if a person is buried in debt. Interest rates of payday loans are so high that it is even cheaper to get a cash advance from your credit card, and you know how high CA interests are. However, payday loans remain to be an option for people who need cash in a hurry. Continue reading “The State of Florida Guide to Payday Loans”
WASHINGTON — Banner on top the website features a wide-eyed baby in an adult’s hands with the words, “Did that special vacation for two end up producing a third? Castle Payday has life’s unexpected expenses covered.”
A number of sites like Castle Payday offer short term loans online, regardless of past credit, overdrafts, and bankruptcy. Continue reading “Lenders Start to Move Online as Regulators Start to Crack Down”
Wonga payday loan company reported an increase for 2012. This company has faced criticism because of the high interest rates they charge to their consumers. However, Wonga netted £62.5m last year.
Britain is facing the same scrutiny the US is facing regarding payday loans.
Payday Lending in Britain also charge high interest rates. This leaves many of Britain citizens struggling to repay their loans.
These loans have been dubbed a legalized form of loan sharking. Many people feel that these lending companies prey on the less fortunate and wring every last cent out of their victims. Continue reading “Britain Facing Payday Lending Scrutiny”
The payday loan industry is finding itself in hot water. State authorities are going after lenders who are charging interest rates above the usury rate. Low income borrowers are charged over 500 percent for a loan.
Whilst regulations on payday loans vary state-by-state, in general, payday loans can be for any amount between $100 and $1,000 and most states set their own limits on the length of time the loans can be for, although in the US the average loan term is about fourteen days. Typically, the shortest-term loans face the highest interest rates and charges, with the charges often ranging between $15 and $30 to borrow just $100. Continue reading “Are Payday Loans in Oregon Legal?”
Nearly everyone in the US knows about payday loans now. They’re not hard to get hold of and are great to use for a quick cash injection if you find yourself short on money half-way through the month. Many people will know somebody who has taken out one of these loans at some point, or will have at least considered getting one. Whilst states currently set their own rules and regulations regarding payday loans, the amount that can be borrowed can legally be anything between $100 and $1000, and can be provided by lenders such as payday loan stores (which often also operate online), check cashing stores, pawn shops, toll-free telephone numbers, and, occasionally, some rent-to-buy companies. The average length of a payday loan in the US is fourteen days, and they’ll usually have interest rates of 400% APR (annual percentage rate), or higher. Continue reading “Payday Loan Laws Prohibited in Maryland?”