Quote: “According to a CFA survey of one hundred Internet payday loan sites, small loans involving electronic access to consumers’ checking accounts pose high risks to consumers who borrow money by transmitting personal financial information via the Internet.”
Anything you do on the internet is subject to some risk. But the times I have used online payday loans everyone was very professional and they did exactly what we arranged. Money goes into my checking account and when time to pay it back loan plus interest comes out. Never a problem or thought of some how the process going wrong. I have done three payday loans online before, never a hitch.
I am wondering if the people that wrote the article have ever used an online payday loan or even a brick and mortar payday loans. Just wondering out loud.
Not to rebuke the article, but I have found payday loans easy to get and have saved me tons of money over the years.
In a normal year the payday loan industry generates about $27 billions of dollars in loans. The payday industry operates in 35 states with about 20,000 plus brick and mortar locations. About 76 percent of their loans are where a another loan is made during the same two week period after the previous payday loan is paid off.
All regulation of lending institutions is handled primarily by individual states. Payday lending is legal and regulated in 37 states. Being regulated is a good thing, everyone then knows where they stand in relation to the law of the land.
There are 15 states where payday loans are not legal or not feasible due to state law.
States where PayDay loans are not legal:
Arkansas
Connecticut
Georgia
Maine
Maryland
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Ohio
Oregon
Pennsylvania
Vermont
West Virginia
Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Arkansas.
Arkansas Payday Loan Law and Legislation
The Legal Status of payday loans : Legal
: Applies to check cashers only
Citation:
Ark. Code. Ann. § 23-52-101 et seq.; Ark. Const. art. 19, § 13
Payday Loan Terms:
Maximum Payday Loan Amount: $400
Payday Loan Term: 6-31 days
Maximum Finance Rate and Fees: 10% of check and $10 and a ID card charge of $5
Finance Charge for 14-day $100 payday loan: $22.22
APR for 14-day $100 payday loan: 579%
Payday Loan Debt Limits:
Maximum Number of Outstanding Loans at One Time: One per location
Rollovers Permitted: None – You cannot renew or consolidate
Cooling-off Period:
Repayment Plan:
Criminal Action: Prohibited – Unless check was returned due to a closed bank account and stop-payment by the checking account maker
Arkansas Payday Loan Information:
Regulator: Arkansas State Board of Collection Agencies
Address: Division of Check-Cashing Companies, 523 Louisiana Street, Suite 460 Little Rock AR 72201
Phone: (501) 371-1434
Fax: (501) 371-1440
Adona
Alco
Alexander
Alicia
Alix
Alleene
Alma
Almyra
Alpena
Alpine
Altheimer
Altus
Amagon
Amity
Antoine
AR
Arkadelphia
Arkansas City
Arkansas County
Armorel
Ash Flat
Ashdown
Ashley County
Atkins
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Augusta
Austin
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Banks
Barling
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Bass
Bassett
Bates
Batesville
Bauxite
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Bay
Bearden
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Benton County
Bentonville
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Boone County
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Bradley County
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Bruno
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Buckner
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Burdette
Byron
Cabot
Caddo Gap
Caldwell
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Calhoun County
Calico Rock
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Camp
Camp Joseph T Robinson
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Carlisle
Carroll County
Carthage
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Casscoe
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Wiseman
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Woodruff County
Woodson
Wooster
Wright
Wrightsville
Wynne
Yell County
Yellville
Yorktown
Zion
Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Alabama.
State of Alabama Payday Loan Laws and
State of Alabama Payday Loan Legislation
The Legal Status payday loans: Legal
Citation:
Ala. Code § 5-18A-1 et seq.
Payday Loan Terms:
Maximum Payday Loan Amount: $500
Payday Loan Term: 10-31 days
Maximum Finance Rate and Fees: 17.50%
Finance Charge for 14-day $100 payday loan: $17.50
The APR for 14-day $100 payday loan: 456.25%
Payday Loan Debt Limits:
Maximum Number of Outstanding Loans at One Time: None
Maximum Dollar amount of payday loan is $500
Rollovers Permitted: One
Cooling-off Period: Next business day after 2 continuous loans repaid
Repayment Plan: Yes
Payday Loan Collection Limits:
Collection Fees:
One $30 NSF fee for returned check
Local Court Costs
Reasonable Attorney’s Fees up to 15% of face amount of check
Criminal Action: Prohibited – Unless is check returned due to closed account
Alabama Payday Loan Information:
Regulator: Alabama Banking Department
Address: P.O. Box 4600 Montgomery AL 36103
Phone: (334) 242-3452
Fax: (334) 353-5961
Abbeville
Abernant
Adamsville
Addison
Adger
AL
Alabaster
Alberta
Albertville
Alexander City
Alexandria
Aliceville
Allen
Allgood
Alma
Alpine
Alton
Altoona
Andalusia
Anderson
Annemanie
Anniston
Arab
Ariton
Arley
Ashford
Ashland
Ashville
Athens
Atmore
Attalla
Auburn
Autauga County
Autaugaville
Axis
Baileyton
Baldwin County
Banks
Bankston
Barbour County
Bay Minette
Bayou La Batre
Bear Creek
Beatrice
Beaverton
Belk
Bellamy
Belle Mina
Bellwood
Benton
Berry
Bessemer
Bibb County
Billingsley
Birmingham
Black
Blount County
Blountsville
Blue Mountain
Bluff Park
Boaz
Boligee
Bon Air
Bon Secour
Booth
Boykin
Boys Ranch
Brantley
Bremen
Brent
Brewton
Brierfield
Brilliant
Brooklyn
Brookside
Brookwood
Brownsboro
Brundidge
Bryant
Bucks
Buhl
Bullock County
Burnt Corn
Burnwell
Butler
Butler County
Bynum
Cahaba Heights
Calera
Calhoun County
Calvert
Camden
Camp Hill
Campbell
Capshaw
Carbon Hill
Cardiff
Carlton
Carrollton
Castleberry
Catherine
Cedar Bluff
Center Point
Centre
Centreville
Chambers County
Chancellor
Chapman
Chatom
Chelsea
Cherokee
Cherokee County
Chickasaw
Childersburg
Chilton County
Choccolocco
Choctaw County
Chunchula
Citronelle
Clanton
Clarke County
Clay
Clay County
Clayton
Cleburne County
Clinton
Clio
Clopton
Cloverdale
Coaling
Coden
Coffee County
Coffee Springs
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Colbert County
Collinsville
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Columbiana
Conecuh County
Cook Springs
Coosa County
Coosa Pines
Coosada
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Cottonton
Cottonwood
Courtland
Covington County
Cowarts
Coy
Cragford
Crane Hill
Crenshaw County
Creola
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Cullman County
Cusseta
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Dale County
Daleville
Dallas County
Danville
Daphne
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DeKalb County
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Dozier
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Dutton
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Elmore County
Elrod
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Enterprise
Epes
Equality
Escambia County
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Etowah County
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Excel
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Fayette County
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Franklin
Franklin County
Frankville
Frisco City
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Furman
Fyffe
Gadsden
Gainestown
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Gallant
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Garden City
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Geneva
Geneva County
Georgiana
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Goodway
Gordo
Gordon
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Graham
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Greensboro
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Harvest
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Hayden
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Henagar
Henry County
Higdon
Highland Home
Hillsboro
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Hollytree
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Hope Hull
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Houston County
Hueytown
Huntsville
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Ider
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Jack
Jackson
Jackson County
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Jefferson County
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Lawrence County
Lee County
Leeds
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Limestone County
Lincoln
Linden
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Lisman
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Livingston
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Logan
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Lowndes County
Lowndesboro
Loxley
Luverne
Lynn
Macon County
Madison
Madison County
Magnolia
Magnolia Springs
Malbis
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Marengo County
Margaret
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Marion County
Marion Junction
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Maylene
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Mexia
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Minter
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Mobile County
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Montgomery County
Montrose
Moody
Mooresville
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Morris
Morvin
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Moundville
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Mount Vernon
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Mulga
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Muscadine
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Napier Field
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Newton
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Normal
Northport
Notasulga
Oak Hill
Oakman
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Ohatchee
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Opp
Orange Beach
Orrville
Owens Cross Roads
Oxford
Ozark
Paint Rock
Palmerdale
Panola
Pansey
Parrish
Pelham
Pell City
Pennington
Perdido
Perdue Hill
Perote
Perry County
Peterman
Peterson
Petrey
Phenix City
Phil Campbell
Pickens County
Piedmont
Pike County
Pike Road
Pinckard
Pine Apple
Pine Hill
Pine Level
Pinson
Pisgah
Pittsview
Plantersville
Pleasant Grove
Point Clear
Pollard
Prattville
Prichard
Princeton
Quinton
Ragland
Rainbow City
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Ralph
Ramer
Ranburne
Randolph
Randolph County
Range
Red Bay
Red Level
Redstone Arsenal
Reform
Remlap
Repton
River Falls
Riverchase
Riverside
Roanoke
Robertsdale
Rock Mills
Rockford
Rogersville
Russell County
Russellville
Rutledge
Ryland
Safford
Saginaw
Saint Clair County
Saint Elmo
Saint Stephens
Salem
Salitpa
Samantha
Samson
Saraland
Sardis
Satsuma
Sawyerville
Sayre
Scottsboro
Seale
Section
Selma
Semmes
Shannon
Sheffield
Shelby
Shelby County
Shorter
Shorterville
Silas
Siluria
Silverhill
Sipsey
Skipperville
Slocomb
Smiths
Snead
Snow Hill
Somerville
Southside
Spanish Fort
Spring Garden
Springville
Sprott
Spruce Pine
Stanton
Stapleton
Steele
Sterrett
Stevenson
Stockton
Sulligent
Sumiton
Summerdale
Sumter County
Sunflower
Sweet Water
Sycamore
Sylacauga
Sylvan Springs
Sylvania
Talladega
Talladega County
Tallapoosa County
Tallassee
Tanner
Tarrant
Theodore
Thomaston
Thomasville
Thorsby
Tibbie
Titus
Toney
Town Creek
Townley
Toxey
Trafford
Trenton
Trinity
Troy
Trussville
Tuscaloosa
Tuscaloosa County
Tuscumbia
Tuskegee
Tyler
Union Grove
Union Springs
Uniontown
Uriah
Valhermoso Springs
Valley
Valley Head
Vance
Vandiver
Verbena
Vernon
Vestavia Hills
Vina
Vincent
Vinegar Bend
Vinemont
Vredenburgh
Wadley
Wagarville
Walker County
Walker Springs
Walnut Grove
Ward
Warrior
Washington County
Waterloo
Watson
Wattsville
Waverly
Weaver
Webb
Wedowee
Wellington
Weogufka
West Blocton
West Greene
Westover
Wetumpka
Whatley
Wilcox County
Wilmer
Wilsonville
Wilton
Winfield
Wing
Winston County
Woodland
Woodstock
Woodville
York
I am adding a new payday loan project where I am covering each state and what they allow and not allow in the payday loan / cash advance industry. It should be an interesting project on how the different states look at short term loans and how there seems to be issues with government and finance industry that provides a service to consumers. Here the link to the Payday Loans by State
Around the first 4 months of the year the Payday Industry seems to have a slow down in loans. I believe this to be the case of my fellow being utilizing the age old practice of getting a tax refund. Well to go with the flow so to speak, payday loan outfits will cash you government refund checks for a small fee. This is not like getting a payday loan, but it is something to keep customers coming back into the business. Now the big tax rush is over it should be business back to usual in the industry.
Payday loan terminology
Credit rating: – Your credit rating that shows your historical ability to pay off your debts or loans. It is kind of a grading or ranking that is provided by credit agencies.
Tags: My Yang to their Yin regards to Online Payday Loans 
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