District of Columbia loan laws

Nowadays, it is really tough for people to make their monthly payments. Life is getting more expensive and with that, the bills get higher. Whether you have a steady source of income or not, taking care of all expenses may still be a pretty hard task. And, of course, there is always the possibility for an emergency that emerges unexpectedly and so you will need to deal with that too.

Many times, the money you have is simply not enough

Many times, the money you have is simply not enough

Many times, the money you have is simply not enough. Which is why many people use the services of the loan lending industry. While taking out financial assistance from friends and family is a viable option for some, to others, the only way to deal with such tricky financial situations is by taking out a loan. There is a big variety of loans and with plenty of options for borrowers to choose from, it can become quite hard to find the type of loan that best suits your needs.

With that being said, however, there is a certain loan type that is commonly used by the majority of borrowers in the US and that is the payday loans. However, each state in the United States has its own loan law regulations governing the loan lending business. Even though payday loans are probably the most popular type of loans out there, they are not available to customers in every state.

This is mainly due to their extremely high interest rates and fees, which sometimes make them quite dangerous for the people who use them. Below, we will look at what the loan law regulations in the District of Columbia are, and are payday loans available to the residents of this state.

Are payday loans legal in the District of Columbia?

District of Columbia payday loan laws

District of Columbia payday loan laws

Mainly due to their extremely high interest rates and fees, payday loans in the District of Columbia are considered illegal by the Amended District of Columbia Code that governs the functionality of all small loan lenders in the District of Columbia. If a borrower takes out a small loan in the District of Columbia, an AOR cap ensures that the borrower will not have to pay more than 24% interest. This percentage is significantly lower compared to the annual percentage rates that most payday loans across the country have. Because of that, payday loan lending companies do not want to conduct their business in this state. You must not forget that if you want to apply for any type of line of credit or a loan, it is extremely important that you read all the terms and conditions of your loan contract carefully before signing it. You should also be absolutely sure that you are able to repay the loan you are about to take. Otherwise, you would end up owing a lot more than you have taken. And while payday loans are not available to borrowers in the District of Columbia, there are still some alternatives for the residents of the state to choose from.

Installment loans

Installment loans

Installment loans

With installment loans, the borrower is required to repay the money with a set payment (installment) at the end of each month over a scheduled period of time. There are loan lending companies that offer such loans even to borrowers that do not have a perfect credit score, as long as they are able to show proof of a stable monthly income that will allow them to repay their installment loan on time. Much like with payday loans, installment loans have rather high interest rates and so they can also be quite dangerous if not handled right.

Personal loans

In order to be approved for a personal loan from a traditional loan lending institution like a bank, or another reliable loan lender, you would need to have a pretty good credit score. If, however, your credit score is not that good, you may still have some other options available to you. Personal loans have lower interest rates than payday loans and installment loans and their repayment plans can be quite flexible as well.

Other payday loan alternatives in the District of Columbia

Even though payday loan lending is not legal in the District of Columbia, there are still some options that borrowers who are in need of financial assistance can choose from:

  • CREDIT CARDS

Credit cards

Credit cards

Regardless of your credit score state, there are numerous credit card providers who can get you what you need. Compared to payday loans, credit cards have lower interest rates and more reasonable payments.

  • CAR TITLE LOANS

With car title loans, you use the title of your vehicle as collateral to get a certain amount of money. If you fail to repay your loan, the loan lender can repossess your vehicle. So you need to be completely sure that you can make your payments, otherwise, you will be putting your car at risk.

  • TRIBAL LOANS

Tribal loans

Tribal loans

Even if you are a resident of the District of Columbia where payday loan lending is not legal, you may still be able to get a payday loan by using the services of a tribal lender. Because such loan lenders are based on tribal land, they are able to operate by their own laws.

  • PAYDAY LOANS FROM ANOTHER STATE

If you are currently living in the District of Columbia but  are a resident of another state where payday loan lending is considered legal, you can apply for a payday loan online. In order to do this, you will need to provide certain documentation proving that you are actually a resident of another state. You also better make sure that the online lender you choose to work with is backed by the OLA.

  • GET A SECOND JOB

If taking out a loan is not a viable option for you, you can always try to find a second job to manage your monthly expenses.

Oregon payday loan laws overview

In today’s economy, it is really difficult even for hard-working people with a steady monthly income to meet their monthly bills. Even those who make the most out of what they have, cut their spendings, structure their budget in the best possible way by carefully planning and calculating their monthly earning and expenses, even they often struggle to sustain a stable financial state. And life is full of surprises, sometimes an unexpected event can bring unexpected expenses.

Oregon payday loans laws

Oregon payday loans laws

If you can barely afford to pay your monthly electricity bill, how are you going to afford to pay for an emergency expense? Seems like the only way to cope with such situation is by seeking financial help. When a person needs a quick money injection, his friends and family may be the answer. However, for some people, taking out a loan from a close person is a not a viable option. This leads us to the tremendous growth that the loan lending industry has had in the last decade.

There are numerous loan options for borrowers to pick from. Different loan types allow you to take out a loan with fewer application requirements, some loans you can take without having to leave your house by simply going online. Among so many loan types out there, probably the most popular type is payday loans. Payday loans are very popular among many borrowers. However, they are not legal in every state in the United States. Some states set really tough restrictions and limitations on payday loan lending due to the risks that they carry. Below we will see if payday loans are available to the residents of the state of Oregon and if so, why it can be a good idea to get one.

Are Oregon payday loans legal?

According to Oregon payday loan laws, payday loan lending in the state is considered legal and is regulated by the 54 Or. Rev. Stat. § 725A.010 et seq law. The loan lending industry in Oregon is growing and therefore there are more than 450 payday loan lending companies that conduct their business in the state. According to Oregon payday loan law regulations, the minimum loan term for a payday loan is 31 days with a maximum term of 60 days.

The maximum payday loan amount that borrowers can take out in Oregon is tremendously higher compared to what payday loan lending companies offer in most other states as borrowers in Oregon are able to take out payday loans up to $50,00 or up to 25% of the borrower’s monthly income. With that being said, however, there is a restriction on 36% annual percentage rate and the annual percentage rate for a $100 payday loan for 31-days cannot surpass 154%.

Oregon residents are not limited to a certain number of possible payday loans they can take, however, there must be a cooling-off period of 7 days between every consecutive payday loan. In Oregon, a payday loan can be rolled over twice. Payday loan lending companies in the state are not allowed to pursue any criminal action against their customers, however, civil trials in Oregon are legal. Payday loan lending companies are allowed to charge an NSF fee of $20 in  case of a check return.

Why are payday loans so popular in Oregon?

Why are payday loans so popular in Oregon?

Why are payday loans so popular in Oregon?

Despite being quite risky, payday loans can be a go-to option for many borrowers because of the benefits they offer.

  • Having a bad credit is not fatal

While it is almost impossible to get a standard loan from a traditional loan lending institution, such as a bank, if your credit score is not perfect or even good, taking out a payday loan with a bad credit score is rather common. Payday loan lending companies are more interested in your ability to repay the loan in full on the due date rather than what your credit history is.

  • Payday loans are fast

Since they are mostly used to deal with an emergency financial situation, payday loans are an extremely fast service. You can go through the whole application process in a matter of minutes after which, if approved, you will receive your money by the end of the following business day.

  • Payday loans give you multiple options

Payday loans are fast

Payday loans are fast

While it is most likely that if you live in Oregon, you can probably find a payday loan lender’s physical store near your home or your workplace. Payday loans also give you the option to submit your application online. That way you can go through the whole application process all without having to leave the comfort of your living room.

  • What you do with the money is entirely up to you

While most conventional loan lending institutions set certain limitations on what the borrower can spend the loan he’s been given, with payday loans, once you get your cash, you are free to use it in any way you like as long as you do not use the money for something illegal.

Cities in the state of Oregon where you can find payday loan lenders

  • Milton Freewater
  • Albany
  • Bend
  • Brookings
  • Burns
  • Canby
  • Central Point
  • Gresham
  • Hermiston
  • Clackamas
  • Coos Bay
  • Baker City
  • Beaverton
  • Corvallis
  • Cottage Grove
  • Dallas
  • Eugene
  • Forest Grove
  • Grants Pass
  • Hillsboro
  • Myrtle Creek
  • Newberg
  • Keizer
  • Portland
  • Klamath Falls
  • Lebanon
  • Lincoln City
  • Madras
  • Astoria
  • Mcminnville
  • Medford
  • Springfield
  • Molalla
  • Newport
  • North Bend
  • La Grande
  • Ontario
  • Oregon City
  • Pendleton
  • Salem

Conclusion

Even though payday loans in Oregon are quite popular and can be really useful in certain situations, you should be careful when you consider applying for one. You need to be absolutely confident in your ability to repay the loan on time, otherwise, you risk getting yourself into more financial trouble.

New Hampshire payday loan laws overview

Nowadays, it seems that many people in the United States find it very hard to deal with their monthly bills. Hardworking Americans are forced to cut as much of their spendings as they can and even then, paying the bills can still be a tough job to do. And while struggling with the regular monthly bills is hard enough, there are also times when emergency expenses occur. In such times, the faster you deal with the problem, the easier it will be. When handling an emergency expense, time is really of the essence.

New Hampshire payday loan laws

New Hampshire payday loan laws

However, there are many people who simply do not have enough funds to be able to cope with such situations and therefore they need financial assistance. While borrowing some money from friends and family can be a viable option, for others, the only way to afford their bills is by taking out a loan. The loan lending industry offers lots of different loans that borrowers can choose from. Probably the most popular type of short-term loans out there is payday loans. Payday loans, however, are not legal in all states and so for some people, it may be hard or even impossible to get one. Below, we will look at what a payday loan is and is payday loan lending legal in the state of New Hampshire.

New Hampshire is one of the smallest states in the country. To be exact, it is the fifth smallest state in the United States and is also the country’s fifth least-populated state. The economy of the state is based on its agriculture. That includes the production of nursery stock, cattle, apples, and dairy products. New Hampshire also relies on the state’s tourism income as well as the manufacturing of machinery, electrical equipment, rubber and plastic products. In 2015, the total state product of the state was $67 billion. Its unemployment rate was 2.6%.

What are payday loans?

What are payday loans?

What are payday loans?

Payday loans are the most popular short-term type of loans. They are also known as cash advances. With payday loans, the borrower takes out a small sum of money which he then must usually repay by his next payday. Since payday loans are small-sum, short-term loans by nature, a payday loan is only up to $500. The standard loan period for a payday loan that does not exceed $500 is 14 days. Payday loans have extremely high interest rates and so they can potentially be very dangerous for borrowers that are not able to repay their payday loans on the due date. This is why payday loans should be used as a last resort measure to deal with certain emergency expenses. Despite their high interest rates and fees, payday loans do offer some highly attractive features which we will discuss.

New Hampshire Payday Loans Laws

Payday loan lending in New Hampshire is restricted according to the N.H. Rev. Stat. Ann. 399-A:1 et seq law. The state’s payday loan law regulations impose some really strict limitations regarding the interest rates and fees to protect borrowers from falling into debt cycles and prevent loan lending companies from violating their customer’s rights by gaining substantial profit with high rate and fees charges. According to New Hampshire payday loan laws, every borrower is allowed to have no more than a single outstanding loan at the same time. If a borrower is trying to take out another loan from a different payday loan lending company while he still has not repaid his current loan, the action is considered illegal and can cause problems both for the borrower and the loan lending company.

New Hampshire payday loans laws

New Hampshire payday loans laws

In New Hampshire, according to payday loan regulations, a borrower is not allowed to take out a loan that exceeds $500. The annual percentage rate for a payday loan in New Hampshire is capped at 36% and no payday loan lender can charge more than that. The financial charges a payday loan lending company can charge in New Hampshire are restricted and cannot exceed $1.38 for a two-weeks $100 payday loan. This includes all approval and processing fees. The repayment period of any payday loan in New Hampshire must not be less than a week and it cannot surpass 31 days.

In New Hampshire, there is a law regarding a loan’s cooling-off period, by which a person is allowed to apply for another loan only if 60 days of the full repayment of his previous loan have passed. With that being said, however, renewals and rollovers in New Hampshire for payday loans are forbidden. Borrowers can take out another payday loan from one payday loan lending company after the full repayment of the previous loan.

Payday loans benefits in the state of New Hampshire

often available even to borrowers with bad credit score.

often available even to borrowers with bad credit score.

While they can be pretty dangerous, payday loans have their advantages that attract many borrowers.

  • Unlike with most standard loans, payday loans are often available even to borrowers with bad credit score.
  • The service is extremely fast as usually, the whole application process takes minutes after which you receive the money by the end of the following business day
  • Once you get your cash, you are free to use it however you see fit
  • Payday loans give you both the options to apply at a lender’s physical store and online from the comfort of your couch

Cities in the state of New Hampshire where you can find payday loan lenders

  • Concord
  • Derry
  • Dover
  • Hillsboro
  • Keene
  • Lyman
  • Manchester
  • Nashua
  • Plaistow
  • Portsmouth
  • Rochester
  • Salem
  • Seabrook

Conclusion

In New Hampshire, payday loans are regulated in a way that protects the borrowers from falling into a debt cycle. However, that does not mean that you should be reckless with the use of such service. If you are thinking about getting a payday loan, make sure you able to repay it on time to avoid unwanted events.

Montana payday loan laws overview

Montana payday loan laws

Montana payday loan laws

The state of Montana is the 4th largest state in the United States. However, despite its size, Montana is not very populated. The state of Montana is the 44th least populated state in the country. Montana has a number of different nicknames, including The Treasure State, The Last Best Place, Land of the Shining Mountains and Big Sky Country. The economy of the state of Montana depends largely on its agriculture. Of course, there are other industries that also contribute to Montana’s economy, that includes lumber, tourism, and mining of gas, coal, hard rock and oil. Favorite spots for tourists visiting the state of Montana include Glacier National Park, Yellowstone National Park, and Bighorn Battlefield National Monument.

In Montana, much like with every other state in the United States, there are many people who struggle to make their payments each month. Life is surely getting more expensive and sometimes with the salary being weeks away, people are left unable to take care of their bills, especially if they have to face an emergency expense. In such situations, most people look for financial assistance and the residents of Montana are no different. Nowadays, there are plenty of loan options available to borrowers all across the country. One particular loan type stands out and that type is called a payday loan. Despite their popularity, payday loans are not legal in every state. Are payday loans legal in Montana? We are about to find out. But first let’s explain what a payday loan actually is.

What is a payday loan?

What is a payday loan?

What is a payday loan?

Payday loans, or cash advances as they are also known, are short-term loans, usually for a small amount of money. The borrower must repay in full by his next payday. The maximum amount of a payday loan usually does not exceed $500. The standard length of a payday loan does not exceed 14 days. With that being said, however, it is important to note that every state in the country has its own unique payday loan regulation laws and so the terms and conditions of a payday loan can vary depending on the state you are in, the payday loan lending company what you are working with and, of course, your own specific financial situation. Payday loans are known for their very high interest rates and fees and so they are better used as a last resort option.

Are payday loans in Montana legal?

Are payday loans in Montana legal?

Are payday loans in Montana legal?

In order to protect the residents of the state, Montana payday loan laws have imposed restriction  on payday loan lending. Payday loans in Montana are regulated by Mont. Code Ann. 31-1-701. In Montana, payday loan lending companies are restricted to charge a maximum annual percentage rate of 36%. Meaning that in this state, payday loan lenders cannot charge the 3-digit annual percentage rate that this type of loans is famous for. What that means is that for a $100 two-weeks payday loan, will only be charged with $1.39. The maximum loan amount of a payday loan in Montana is $300.

The minimum loan amount that a borrower can get with a payday loan in Montana is $50. In Montana, there are no rollovers allow, that also includes no loan renewals, extensions or refinances. The lenders are also not allowed to make a borrower take out a new loan in order to repay his previous loan, even more so, no interest can be charged for this. The collection practices in Montana allow payday loan lending companies to charge a single funds fee with an amount not does that not exceed $30. They can also charge a single, reasonable attorney fee.

Benefits that make taking out a payday loan in Montana a good idea

Despite the risks they carry, payday loans have proven to be quite helpful for many borrowers over the years. Here are some of the features that make them so appealing to many borrowers:

  • Multiple options

When applying for a payday loan in Montana, you have both the option to submit your application by visiting a lender’s on-ground store or by simply visiting a lender’s store online. Although you will probably find a lender’s on-ground store near your home or your workplace, having the option to go through the whole application process and receive your funds from the comfort of your home is a really great feature for many borrowers out there.

  • You may be able to get a loan even if you have bad credit

You may be able to get a loan even if you have bad credit

You may be able to get a loan even if you have bad credit

Yes, that is correct, unlike with most standard loans from traditional loan lending institutions, with payday loans, even borrowers with a credit score that is far from perfect have a pretty good chance of getting the loan they need. As long as you are able to prove to the payday loan lending company that you have a steady income that will easily allow you to repay the loan on time, you should not have problems regarding your credit score.

  • You decide how to spend your money

Once you get hold of your cash it is entirely up to you what you do with it. Whether you want to repair your car or pay your electricity bill, the money is yours and so is the choice.

Montana cities where you can find a payday loan lender

  • Shelby
  • Anaconda
  • Belgrade
  • Lewistown
  • Billings
  • Butte
  • Great Falls
  • Havre
  • Helena
  • Kalispell
  • Laurel
  • Bozeman
  • Livingston
  • Miles City
  • Missoula
  • Sidney

Conclusion

If you have decided to go for a payday loan, just remember to do it wisely. Find a good payday loan lender so that you can get the best possible loan terms. And also make sure you are going to be able to repay the money on time, otherwise, you risk falling into a debt cycle.

Maine payday loan laws overview

In recent years, the loan lending industry had a tremendous growth. Why has the loan lending industry grown so much? Nowadays, having a job and working hard simply does not guarantee you a stable financial state. Even people who make the best with what they have, calculating their monthly earnings and expenses and structuring their budgets in the best possible way, they could often struggle with their bills. And while for most people, things are hard on a regular monthly basis, the situation gets even worse when an unexpected event occurs and they do not have the cash to deal with that emergency. This is why so many people seek financial assistance in the loan lending industry, and this is why the industry is growing so fast.

What is a payday loan?

What is a payday loan?

Today, there are many different loans that borrowers can choose from. Some are easier to get, and some are not so easy to get. Some loan types have better terms than others and so in that sea of options, it is pretty difficult for most people to find the loan that suits them the most.

However, there is one loan type that attracts the attention of many borrowers due to its flexible terms and accessibility and that loan type is payday loans. Even though payday loans are probably the most popular loan type out there, they are not completely legal in all states. In this article, we will look specifically at payday loan law regulations in the state of Maine and will explain whether payday loans there are available for borrowers who live there.

What is a payday loan?

Payday loans are a certain type of short-term, small-sum loans (known also as cash advances) where the person borrowing the money must repay the amount in full within his next payday. Payday loans are usually granted with a maximum amount of $500 for a time period of no more than two weeks. It is important to know that every state in the United States has its own payday loan law regulations and so each payday loan may have different terms. Sometimes the amount can go as high as $1,000 for a period of 31 days.

Payday loans have extremely high interest rates and fees which make them quite dangerous if they are not repaid on time. However, they do offer lots of features that attract the interest of most borrowers. Still, you should not go for a payday loan unless your financial situation really calls for it. If you fail to repay your payday loan on time, you can get yourself in lots of financial troubles. So it is best that you use payday loans as a last resort option.

Are payday loans legal in Maine?

Maine Payday Loan Laws

Maine Payday Loan Laws

Payday loan lending in Maine is considered legal and payday loan lending companies can  conduct their businesses as long as they adhere to Me. Rev. Stat. Ann. tit 9-A §1-201 and Me. Rev. Stat. Ann. tit. 9-A §1-301 law. Even though payday loans are considered legal in the state of Maine, payday loan lenders in the state must operate under certain restrictions. According to Maine’s payday loan laws, only supervised loan lenders are allowed to grant payday loans to borrowers. Therefore, getting a payday loan in Maine is not that easy after all.

In order to operate in the state of Maine, such payday loan lending companies need to comply with some very strict loan regulations that are also quite unfavorable in terms of profit. In Maine, there is a small loan rate cap, prohibiting payday loan lenders from charging more than 30% interest on a loan that is for an amount less than $2,000.

Maine payday loan laws forbid loan lending companies from charging more than $5 for any loan up to $75. They are not allowed to charge more than $15 for loans with an amount between $75 and $250, and they are also forbidden to charge more than $250 for any loan exceeding $250. Such interest rates are quite low when talking about payday loans and they surely protect the borrowers from falling into debt cycles.
When we talk about online payday loan lenders, things are a bit more complicated. Online payday loan lending companies are harder to monitor when they deal with the checking account of a person and do not involve post-dated checks. This is the reason why in the state of Maine, there are online payday loan lending companies which operate illegally. Therefore, in case you are thinking about taking out a payday loan in Maine, you should be really careful when dealing with online payday loan lenders. Getting a loan with high interest and fees can lead you to a worse financial state.

What are the eligibility requirements for a payday loan in Maine

What are the eligibility requirements for a payday loan in Maine

What are the eligibility requirements for a payday loan in Maine

In order to be eligible for a payday loan in Maine, you must meet certain eligibility requirements such as:

  • You need to be a permanent resident of the state or to have an American citizenship
  • You need to be 18 years old or above
  • You need to have a steady source of monthly income

You will also need to provide the following info:

  • Your birth name, home address and phone number
  • Your social security number
  • Details of your income and employment
  • A valid form of identification

Cities in Maine where you can find payday loan lenders

  • Bangor
  • Biddeford
  • Brunswick
  • Ellsworth
  • Fairfield
  • Portland

Conclusion

Payday loans could be the answer for your financial needs. However, you must be careful when taking out a payday loan. Do research on different payday loan companies before you choose one to work with. Also make sure that you are absolutely capable of repaying the loan on time because the last thing you want is a default on your payday loan.