With the present economy, many need financing and loans, but payday loans prove to be a big help at first and a burden later for most. One cannot deny that payday loans in Minnesota being legal, is a big help but banks and lenders definitely need regulations. The North Star State is probably one of the states that have strict laws on payday loans, which is aimed towards protecting consumers. Continue reading “Strict Laws on Payday Loans in Minnesota”
Western Sky to Stop Lending in Several States
One of the top online lenders, Western Sky which offers short-term loans online with high interest rates, indicated that they will stop lending on Sept. 3. This is coming from the legal battles with officials in several states, including Maryland. Continue reading “Western Sky to Stop Lending in Several States”
Why Payday Lending is Prohibited in New Jersey
Payday loans are fairly popular now, thanks to the fact that they offer small, short-term loans which you just pay back once you get your paycheck. It’s an attractive offer, and a lot of people end up borrowing through one of these loans because, on the face of it, it seems easy to just pay off the loan. The rules and limits surrounding the loans are different, depending on which state you’re in, but in general, with a payday loan you can borrow any amount between $100 and $1000, with the average loan term lasting fourteen days until it’s repaid. Generally speaking, the shorter the loan term is, the most costly it is, as higher interest rates tend to be placed on them. Continue reading “Why Payday Lending is Prohibited in New Jersey”