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Must Know

Payday Loan Warning

Payday loans have been around for some time now, and you, dear reader, probably know a few factoids regarding their workings and their notorious status. Let us start with the overview of some of the basic points regarding their use and consequences as well as the battle against their peddlers.

It would be utopian to believe that money grows on trees or that hard work and strong beliefs would hope you become a billionaire after several years of putting in enough effort. It is no different with a belief that money can be obtained fast with no hassle and no consequences whatsoever to speak of. That is exactly the case with payday loans otherwise known as instant cash advances and several other names.

Honey Trap

You could employ other names and tricks but what attracts people is simply the very idea of instant cash made easy. And boy does it work beautifully. The reports published online reveal a handful of very interesting facts relating to borrowers’ profiles and their habits of taking out instant cash without heeding any payday loan warning. Indeed the problem lies with their addictive nature and borrowers developing reliance on those quick fixes in response to any money related issues, including even those with a BBQ, celebrations, gift giving just to name a few. Instead of allocating the money for some emergency situations cash is used to cover some basic needs, splurging sprees and what not. Those borrowers are destined to get their foot in the trap each time they sense the cheese is near, seriously, somehow after the first attempt nothing seems to be made clear enough for those people that it is like playing with fire, and despite that payday loan warning, they continue to rely heavily on the tool that is, in essence, a double edged sword, that could cause them enough harm and hurt to last a lifetime. Do people ever manage to get away from that scenario? If your budget is so tight by the end of the month, where you have to decide whether to eat or not, then no surprise, you would be tempted to extend your hand for that quick fix to the rumbling stomach, but what of life that is waiting to be lived? Your little ways, habits, having a drink, everything costs, and your hard earned cash will be spent on repaying the debt that is bound to grow significantly over time, especially when you find that, by the end of the month, the money you were going to allocate for that particular purpose is blown right in minutes.

More To Follow

Is that really happening? On a grand scale. And the battle against payday loans is still being waged with some more or less effective consequences.

People would have enough stories to tell about their experiences with online loans which hit them hard enough with no mercy shown them by their oppressors, although they did make a conscious choice themselves, without any doubt. The only gaps in their knowledge would be related to the loan repayment and subsequent difficulty with balancing their budget and life, as being on the run from your creditors for the rest of your life would not be exactly a dream come true, but rather a nightmare. Indeed, sometimes a small misstep leads to a disaster, as shown clearly in the case of payday loans.

Interesting Twists

The war is on

You may not know it, but payday loan industry is banned in as many as 17 states right now, one of the latest ones to join being Arizona. Although the battle goes on to regulate the existing industry in other states, including California, not much success has been noted, as the multibillion industry moguls are making that task hard to accomplish by lobbying hard in favor for their money raking business, with tremendous success, though the win against them in Arizona also speaks volumes about the hard fought struggle. Where payday loans are not banned and freely accepted, you would notice certain regulation do in fact take place, in the shape of a cap put on the maximum amount borrowed as well as the number of loans per every customer allowed, meaning borrowers would have a greater chance of repaying their debt and saving their neck early on, although they could have saved it had they paid enough attention to the oft repeated payday loan warning.

Banks’ Sleight of Hand

Would you believe that bankers would happily replace the payday loan industry in those areas in the US where they are forbidden? Some customer protection groups have made it their aim to attract the media and politicians’ attention to the issue and some action has been already taken to ban similar activity. You would be perhaps inclined to believe that by replacing some sleazy type of shady payday loan lender with a banking institution would bring in more goodies for your average customer but unfortunately, some of those banks jumped on the bandwagon to simply benefit from the similarly designed and heavily priced loans. Moneymaking business is as usual, that is one thing; bankers’ morality sounds like an oxymoron once we all learnt what the crisis had for us in stock and what it brought them, so you might have guessed someone would like to recoup their earlier losses by making a quick buck. That would be yet another payday loan warning you might want to have some information about.

Where Do We Go from Here?

Someone might ask how they could possibly have any money when faced with the crisis of life shattering proportions and the subsequent difficulty posed by the credit crunch and tight banking guidelines. It was only a matter of time for payday loan industry to enter the market to fill the void left out by banks by catering to the nation’s poorest, though also, a middle class has been found to be affected to a large extent. Why so few ever listened to the payday loan warning is beyond comprehension.

Payday loans are legal in: Alabama (AL), Alaska (AK), California (CA), Colorado (CO), Delaware (DE), Florida (FL), Hawaii (HI), Idaho (ID), Illinois (IL), Indiana (IN), Iowa (IA), Kansas (KS), Kentucky (KY), Louisiana, Michigan (MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV), New Hampshire (NH), New Mexico (NM), North Dakota, Oklahoma (OK), Oregon (OR), Rhode Island (RI), South Carolina (SC), South Dakota (ND), Tennessee (TN), Texas (TX), Utah (UT), Virginia (VA), Washington (WA), Wisconsin (WI), Wyoming (WY).

Payday loans are illegal in the following states: Arizona (AZ), Arkansas (AR), Connecticut (CT), Georgia (GA), Maine (ME), Maryland (MD), Massachusetts (MA), New Jersey (NJ) New York (NY), North Carolina (NC), Pennsylvania (PA), Vermont (VT), West Virginia (WV), the District of Columbia (DC).

Amounts: $100, $200, $300, $400, $500, $600, $700, $800, $900, $1000

NOTICE: PLEASE BORROW RESPONSIBLY. A SHORT TERM LOAN SHOULD BE USED FOR SHORT-TERM FINANCIAL NEEDS ONLY, NOT AS A LONG-TERM FINANCIAL SOLUTION. CUSTOMERS WITH CREDIT DIFFICULTIES SHOULD SEEK CREDIT COUNSELING OR MEET WITH A NONPROFIT FINANCIAL COUNSELING SERVICE IN THEIR COMMUNITY.

Representative APR 391%
Example: You borrow $100 for two weeks. Lender can charge you a $15 fee, which means you will have to repay $115 to the lender at the end of the term. The cost of the $100 loan is a $15 finance charge, which anounts to an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.
Implications of Non-Payment:
Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. None payment of a payday loan might negatively effect your credit history.
Consumer Notice:
A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our Rates and Fees page to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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This website does not constitute an offer or solicitation to lend. We are not a lender, does not broker loans, and does not make loan or credit decisions. The operator of this web site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Our provides a service only and is not acting as a representative, agent, or correspondent for any service provider or lender. We are aim is to inform users of possible lenders who may be able to satisfy the needs of a particular consumer. We do not endorse any particular service provider, lender, nor loan product. You are under no obligation to use Our service to initiate contact, nor apply for credit or any loan product with any service provider or lender. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. You will not be charged any fees to use our service. Learn more on our Rates and Fees section.
Availability:
Residents of some states may not be eligible for a short term cash loan based upon lender requirements. We do not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.