Payday Loans

The Latest Survey By Federal Reserve Bank Of New York - Is Payday Loan Really A “Predatory Debt Trap”?

As per the latest survey conducted by the Federal Reserve Bank of New York, banning payday loan actually hurts the economy. North Carolina and Georgia are the two states where these types of loan programs have been banned since December 2005 and May 2004 respectively. When they researched the effects of the ban on the households in these states, they found that there were more instances of chapter 7 bankruptcy filings, more complaints filed against debt collectors and lenders at FTC (Federal Trade Commission), and a significantly much higher rate of bounced checks as compared to other places where payday lending is legally permitted. ...Read more>>

Collection Laws About Cash Til Payday Loans

Cash til payday loans are very popular among US consumers because these loans are very easy to borrow and almost anyone who is employed can qualify for it. People with very limited monthly income often find themselves in deep trouble when they have to meet an urgent unexpected expense and they do not have enough cash to fund that expense. This is when a payday cash loan looks like the best option for them, as it gives them the money they need within just one to two business days. You either get a check or a direct fund transfer to your bank account. It is only because of the ease of the application and approval process of these loans why consumers feel tempted to borrow the same. Most of the borrowers tend to ignore the negative aspects associated with payday lending. ...Read more>>

US Laws Regarding Military Payday Loan Debt

If you are trapped into a fast growing military payday loan debt, there are plenty of things that you need to take into your careful consideration. To start with, you must first educate yourself about the laws applicable in the United States of America regarding these types of loans. It is quite unfortunate that the majority of payday loan lenders are unscrupulous ones and they are involved in various illegal activities. In fact, this is mainly because of the rapidly growing instances of payday loan scams that even the Federal Trade Commission (FTC) has warned consumers against it. Therefore, if you want to protect yourself against those scams and seriously want to get rid of your debt problems, you must do a thorough review to find out whether your lenders are abiding by the US payday loan laws. Following is a brief rundown on some of the major aspects associated with it. ...Read more>>

The US Laws For Online Payday Cash Loan

The laws that regulate online payday cash loan programs in the United States of America vary from one state to another. Since payday lending works differently as compared to how the conventional loans work, the laws are getting stricter with every passing year in order to ensure the rights and welfare of the consumers remain well protected. These small short-term cash advance programs have become very popular in the last few years because of the lucrative features they offer, such as very easy qualifying criteria, no credit checking, very little or no paperwork at all and quick approval. The money you borrow as part of these programs is transferred directly to your bank account; usually, it has to be a checking account, but many lenders these days are also issuing loans to those who have a saving bank account. ...Read more>>

The New Federal Guidelines For Payday Cash Advances

It is true that payday loans have been very popular in the United States of America, but if you are considering borrowing these loans, you must also be aware of the new federal guidelines for payday cash advances. It is legally mandatory for the payday loan companies all over the country as well as those that are running their business directly through Internet must abide by these new payday loan laws. For example, as per these new laws, lenders can not issue payday cash advances to those consumers who are financially not capable enough to repay the loan in time. Besides that, certain limitations have also been imposed on lenders regarding the maximum rate of interest they can charge on payday loans. Following is a brief rundown on some of the basic facts that you must know regarding it. ...Read more>>

State Laws About Collection Charges And Repayment Plan On Payday Debt

Some payday lenders charge very high amount of collection fees on payday debt and they just keep on multiplying the fee with every passing month. But it is very important for you to keep in mind that now many states have come up with some specific laws that restrict the maximum amount of collection fee a payday lender can charge. ...Read more>>

New Responsible Lending Laws About Payday Loans With No Credit Checks

Though many states have already banned all sorts of payday lending programs, including payday loans with no credit checks, many others where this form of lending is still legal are in the process of coming up with stricter laws that should keep a check on it. The biggest problem with this type of lending is that it is unreasonably very costly and that low-income consumers are its main target customers. They borrow very small amount of loans, but they have to repay a significantly much larger sum of money. For example, a recent real life example that was publish in a local newspaper was about a consumer who borrowed a small payday loan of $300 for a period of three weeks only and was expected to pay back over $850. For a person with low income, it is almost impossible to arrange that much fund to ensure timely repayment. When they fail to repay the loan in time, it traps them into a never ending series of debts. ...Read more>>

Payday Loan Laws In California

The state of California has passed certain payday loan laws in order to protect the rights and interests of consumers. People who borrow short-term cash advances often end up getting into a serious debt trap. Though these loan programs look like an easy option as almost anyone can qualify for it (even with bad credit) and get instant cash, yet these financing options can be very risky and expensive because of the high costs involved with them. You are strongly recommended not to go for these seemingly lucrative but risky programs. If you are residing in California and have already become a victim of these loans, knowledge about the state laws will definitely show you some effective ways on how to get out of the debt problem. ...Read more>>

Payday Lending Laws In Washington

With effect from January 1, 2010, several changes have been introduced to the payday lending laws in Washington. Whether you are struggling with the debt caused by these short-terms cash advances or considering borrowing one, if you are residing in Washington, you must be well aware of these laws. Following is a brief rundown on some of the major aspects associated with the same. ...Read more>>

Is It Legal For Payday Loan Debt Collection Agencies To Share The Debtor’s Information With Third Parties?

Though it is not exactly legal for payday loan debt collection agencies to share your information with third parties, things depend very much on the privacy policy of your payday lenders, which explains when and what types of information can be shared. It is very important for you to understand that the privacy policy may vary significantly from one lender to another. In general, as per Federal Privacy Act, lenders are prohibited from disclosing your personal details with third parties, but they can share many other pieces of information if their privacy policy allows the same. However, if it is not your lender but a third-party collection agency that is trying to collect the debt, the Fair Debt Collection Practices Act applies. ...Read more>>

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