Payday Loans Questions

No money allowed
May, 24, 2012
There are 12 states in the country where payday loans are completely banned, but there are many more in which the industry is restricted in some way or another. In fact, only six states have no cash advance interest ceiling whatsoever. Those states that prohibit payday loans altogether are:
Money versus law
May, 11, 2012
Whether seeking in-store or online payday loans, each state has its own laws and regulations regarding short term financing that both lenders and borrowers must adhere to. In a recent article by the Idaho press, the newspaper made the claim that Idaho was among the laxest states on payday loans. We put that to the test and searched for the state with the most relaxed payday loan laws. What did we find?
Business Man Scam
Apr, 3, 2012
The largest payday loan scams out there involve hidden fees and aggressive collection methods used to intimidate borrowers into paying back their short-term financing debt—even when that debt has expired. Some payday loan scams are committed by criminals posing as representatives from the FBI, Federal Legislative Department, law firms, or debt collection agencies. In most of these instances borrowers are threatened with arrest and jail time—which is a clear indication that the caller is a scammer. Hidden Fee Scam
Falling money
Mar, 21, 2012
In most states, borrowers can pay off an existing payday loan with another payday loan, but such an action is not advised. In fact, the ability and practice of doing just that is why payday loans have such a bad reputation. When one pays off their existing short-term financing by taking out another loan, they commit what is referred to as a “rollover.” The Payday Loan Rollover
Dollar sign surrounded by question marks
Mar, 16, 2012
The short answer is if a payday loan is illegal in your state, then you will likely only need to pay the principal. If any interest has already been paid towards the loan, then it might be possible to recover that lost money—but usually the time, effort, and expense are not worth the trouble. However, laws are different from state to state and individuals should check with their particular state’s commissioner on their particular case in order to be sure.
Different colored people standing on varying stacks of money
Feb, 21, 2012
Contrary to popular belief, payday loan borrowers are not only minorities, single mothers, and poverty-stricken families. They are neither uneducated nor clueless about financing options and money management. Instead, they are often established individuals with what most would consider good paying jobs.
Man leaning against a question mark
Feb, 15, 2012
Payday loans are the most despised version of financing in the world of lending and borrowing. When there is this intense and publicized hatred for these loans, we have to ask ourselves why they even exist, or are allowed to continue to exist.   The most obvious answer is because there is a demand for this type of financing. For all of the bad stories we hear in the news media, there are countless others that would be considered good and helpful. But those don’t make for good or interesting reads, so they’re rarely publicized.  
Fax machine
Jan, 30, 2012
No fax payday loans are those that grant a cash advance without the need to deliver any sort of documentation to the lender—alleviating the necessity to fax any paperwork in. Traditional payday lenders would open a storefront on the corner of a shopping center and provide services only to those who physically walked through their doors. Then, as the internet age picked up, these advances of paychecks could be obtained via the internet. From the comfort of one’s home, a deposit would be made into their bank account after they requested a loan and faxed in appropriate forms and documentation.
Stack of money sitting in the middle of a crossed out circle
Jan, 6, 2012
Whether offered online or in person, payday loans cannot be taken out in states that deem this type of financing illegal. In the event a borrower needs a short-term loan in a state that prohibits payday advances, they should opt for a personal loan. In some instances title loans or installment loans may be accessible too. The states that prohibit any sort of payday loans are Connecticut, Georgia, Maine, Maryland, Massachusetts, New Jersey, New York, North Caroline, Pennsylvania, and Vermont. The nation’s capital, Washington D.C., also prohibits payday lenders from operating within its borders.
Computer mouse hooked up to a dollar sign
Jan, 5, 2012
Now that payday loans are available online, it’s far easier and more efficient to acquire cash than ever before. Borrowers don’t need to get bank statements together, or have a fax machine, or even write a check. Instead they’re able to fill out quick online forms from the comfort of their own home. Then in a matter of minutes, borrowers can see cash deposited directly into their bank accounts.  What’s the difference?  

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