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State Laws Governing a Cash Advance Payday Loan

by sofiabritts on Mar 25, 2011

A cash advance payday loan is a small short-term loan that is meant to cover a borrower’s unexpected expenses until their next paycheck comes; it’s basically fast cash for emergency situations. The problem is most of these loans are too good to be true.

For every legit payday loan lender, there are others out there that are out to scam people. It’s a controversial practice, having a reputation of exploiting people experiencing financial crisis, an unfair pricing structure, conducting unethical collection practices, and ignoring legal restrictions. Because of such lenders, various states have imposed regulations to protect the rights of their people. In fact, some states have even imposed a ban on cash advance payday loans altogether

In some states, the government allows really high interest rates, but only to a certain extent. If you find out that your lender is charging you more than they should, report them to the authorities immediately. Here are...Read More >>



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Benefits and Drawbacks of a Cash Advance Payday Loan

by sofiabritts

A cash advance payday loan is a type of loan designed to provide temporary financial assistance to people who are struggling to stretch their budget from one payday to another. This type of loan has a very short duration (usually a couple of weeks), plus it has a very high interest rate – around 15 to 30%.

Applying for a cash advance payday loan is ements. A borrower only needs some identification, a couple of recent paystubs, a post-dated check, and a working bank account. Once the request is approved, the borrower can expect to get his money within a couple of days (some...

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