Cash Advance Payday Is Coming: What About Where You Live?
The advent of the Internet has changed so much about the way we live our lives
, and for sure this also includes how people borrow money. Today online payday loans are by far the fastest-growing options for cash credit in terms of popularity. More people are doing it, and it's not hard to figure out why either. It's convenient, it's fast, and even if you have no or bad credit, it doesn't matter because your job and promise is credits enough.
So it's not just people in need of cash quick cash advance that have taken notice of this new trend in finance. It turns out that banks, credit card companies, pawnshops, and other more traditional and also more "politically connected" lenders have also taken notice. They've taken notice that payday loan sites have taken a big bite out of the profits, and they don't like it, so they're pressing the politicians who represent them to institute change. Changes that affect you when you need a loan.
Would you believe that six states in the US have now completely banned these types of lenders from operating within their borders? Well it's true, and while it's only six states now, other states in the US are considering following suit. So what does this mean for folks who live within those states who are facing a personal crisis like having their vehicle impounded or their electricity turned off? It's simple. Their car or truck gets towed away or their power gets turned off.
Then in increasingly more states that do still allow payday lenders to operate lawmakers are continuing to treat their constituents like children by enacting bizarre restrictive regulations. For instance in many states now in the US there's a limit on how much money you can borrow at one given time. So just what are the limits? Would you believe that some lawmakers have that amount as low as $500? That's right! If you need more than that, you're just out of luck.
Than in other states in the US lawmakers are taking yet a different approach, and that is to place a limit on the number of loans that a person can take out online. So then how many loans will they allow you to take out per year if you live in one of them? Well would you believe that in the most restrictive of them you can take out no more than four payday loans per year? Not only that but they've also passed laws requiring payday lenders to keep track of how many times you borrow.
Now the state of Texas which also happens to have the most online payday borrowers is taking a different approach. If you live in Texas you can borrow no more than 35% of your take home monthly pay. Now if all this sounds a bit ridiculous it's nowhere near is ridiculous as the reasons that the lawmakers are giving for enacting these laws. Can you believe that as record numbers of homes are being repossessed they claim that they're doing this to protect their voters from lenders?
Copyright (c) 2011 savvycontent.com
by: Andrew Scherer
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