The other day is was reading this article… Consumers Warned of Online Payday Loan Sites and below are the highlights.

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.

The legalized Payday loan started in the 1990′s. The Idea was to allow anyone to take out a small unsecured loan and charge the customer a flat fee for the loan. The payback was due back in a short period of time. The consumer would make a check out for the loan with fees and post dated to the due date of the loan. Lender will hold the check until the original loan is paid off. Lenders will deposit the check on due date but most want cash brought to them in replacement of the check. Millions of consumers, even consumers with bad credit have utilized these vital financial services to provide a money resource until the next payday.

PaydayLoanSavvy

Find a online payday loan

The banks would have you believe that bank loans are better than payday loans. The facts of matter is they the are just different sources of Credit. Now most bank loans are good for long-term cash assistance, this includes purchasing a car, truck, motorcycle, boat or a house.

The use of payday loans are short-term cash advances, usually for about two weeks, which can help you meet all your immediate cash needs. Most of the time something breaks down like your car or central air and need to get them fixed today.

The bank loans will take sometime to get, sometimes as long as 2-3 days.

The Payday loan is less than an hour, you have the cash in your hand or money deposited into your bank account.

Banks usually have lower rates than a Payday Loan companies. Banks are geared for long term loans, usually more than six months.

Payday loans are designed to get you cash quick, without much of a requirement and no assets for them to hold until you payback the loan. Most of time just a check made out for the principal and interest.

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 Massachusetts.

Massachusetts Payday Loan Laws
Massachusetts Legislation State Information

Payday Loan Legal Status: Prohibited

Citation:
Small loan act applies. Mass. Gen. Laws Ann. ch. 140 § 96 et seq.;209 Mass. Code Regs. § 26.01. Check cashiers are specifically prohibited from making loans unless licensed under the small loan act. 209 Mass. Code Regs. § 45:14(8).

Small Loan Rate Cap
23% plus $20 administrative fee upon the granting of a loan

Regulator: Massachusetts Division of Banks
Address: One South Station Boston MA 02110

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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 Kentucky.

Kentucky Payday Loan Laws
Kentucky Legislation State Information

Payday Loan Legal Status: Legal (Applies to check cashiers only)

Citation:
Kentucky Rev. Stat. Ann. § 286.9.010 et seq.

Payday Loan Terms:

Maximum Payday Loan Amount: $500
Payday Loan Term: 14-60 days
Maximum Payday Loan Finance Rate and Fees: $15 per $100
Finance Charge for 14-day $100 payday loan: $17.65
APR for 14-day $100 loan: 459%

Payday Loan Debt Limits:
Maximum Number of Outstanding Payday Loans at One Time: Two – $500 aggregate loans outstanding to all licensees
Rollovers Permitted: None – cannot renew, rollover, or consolidate
Cooling-off Period: None
Repayment Plan:

Payday Loan Collection Limits:

Collection Fees: One NSF fee (if disclosed)
Criminal Action: Prohibited
Regulator: Kentucky Office of Financial Institutions
Address: 1025 Capital Center Drive, Suite 200 Frankfort KY 40601
Phone: (800) 223-2579
Fax: (502) 573-8787

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Payday loans are short-term cash loans based on the borrower’s personal check which is held for future deposit or on electronic access to the borrower’s bank account. Borrowers write a personal check for the amount loaned plus the finance charge and then they give the cash amount of the loan. With Online payday loans borrowers have to sign over electronic access to their bank accounts to receive and repay back their payday loans. I have done both and find the internet one is more convenient to do.

Next the Payday Lenders will hold your check until the next payday when loan is due, along with finance charges must be paid in one lump sum. To pay off the loan you will need to bring cash to pick up your check, some will allow the check to be deposited.

Some will just pay the interest, and take out another loan, try not to do this if you can help it, one time before I had to flip it four times before I caught up.

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 Connecticut.

Connecticut Payday Loan Laws & Legislation State Information

Payday Loan Legal Status: Prohibited

Citation:
Usury act applies or small loan act applies. Conn. Gen. Stat.§ 36a-563

Small Loan Rate Cap
30.03% APR or $17 per $100 up to $600; $11 per $100 up to $1,800; add-on interest

Payday Loan Information:

Regulator: Connecticut Department of Banking
Address: 260 Constitution Plaza Hartford CT 06103
Phone: (860) 240-8299
Fax: (860) 240-8167