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.

Colorado payday loan laws

Payday loans have gained incredible popularity in recent years

Payday loans have gained incredible popularity in recent years

When you are out of cash and there are bills you need to take care of, there are not many things that you can do. Of course, sitting around and waiting will not help not would be of any help. The faster you react, the better and therefore the longer you wait, the worse it is going to get. And such difficult and tricky financial situations are not something rare in today’s economy. There are many people who can barely afford to pay their monthly bills even though they are working hard and have a steady source of monthly income.

It is just that life can be too expensive. What if, on top of all your monthly bills, you suddenly have to deal with an unexpected emergency? This is why, nowadays, so many people are using the services of the loan lending industry. When there is no one that you can turn to, you may find an answer to your financial trouble in a certain type of loan. Today, there are numerous loan types that borrowers can choose from, however, one type of short-term loans definitely stands out and that is payday loan.

Payday loans have gained incredible popularity in recent years and that is mostly because they offer borrowers what most standard loans from traditional loan lending institutions do not offer. Payday loans are attracting borrowers all across the country and the state of Colorado is no exception. Below, we are going to answer whether payday loans in Colorado are legal, their terms, features they offer and how to apply for one.

What is a payday loan?

What is a payday loan?

What is a payday loan?

A payday loan is a small-sum, short-term loan which the borrower takes out a certain amount of money which he then must repay in full by his next paycheck. A standard payday loan is usually not more than $500 and is for a period no longer than two weeks. Payday loans have very high interest rates and fees which makes them quite dangerous for borrowers that are not so well prepared to repay their loans on time. This is why payday loans should only be used as a last resort option to help deal with an emergency situation or some really important bills.

Payday loans are an extremely fast service – from the loan application process, approval response time to the money transferring. The application process for a payday loan takes no more than a couple of minutes, after which you get very fast response on your application. If you are approved for your loan, you will receive your money as soon as within a few hours or by the end of the following working day. Many payday loan lending companies give out loans to borrowers with bad credit scores and this is one of the main reasons why payday loans are so popular. Another reason for their popularity is the fact that you can get a payday loan without having to leave your home. You can apply by simply going online and submitting your application to a lender’s web site.

Colorado Payday Loan Laws

Colorado payday loan laws

Colorado payday loan laws

According to Colorado payday loan laws, payday loan lending is legal and is regulated by Colorado Deferred Deposit Loan Act, which directly governs the operation of all payday loan lending companies in the state of Colorado. In Colorado, borrowers are not allowed to take out more than one payday loan at once. The maximum loan amount a borrower can take must not exceed $500, with a minimum payday loan length of six months. Payday loan lending companies cannot charge more than 20% for any payday loan not exceeding $300. If the loan amount is more than $300, an extra fee of $7.50 is added for every $100 as a finance charge.

The interest rate for renewals is 45%, with no limit on the number of loans, as long as their total amount does not exceed $500. According to Colorado payday loan laws, payday loan lenders are allowed to charge a single NFS collection fee which must not exceed $25. In the case of a default on a payday loan, the loan amount plus all fees, including an attorney fee, can be requested through a court trial. Collection agencies are forbidden from taking criminal action against borrowers, unless the borrower checking account has been closed before the repayment has being made. In Colorado, it is not allowed for borrowers or their payday loan lenders to split the payday loan into two parts. This is because this practice allows payday loan lenders to get profit by charging interest and fees on both parts of the loan, resulting in a larger sum for the borrower to pay.

Eligibility criteria for payday loans in Colorado

To be eligible for a payday loan in Colorado, you need to meet certain eligibility requirements. You have to be 18 years old, have a steady job and a stable source of income. You have to be a resident of the United States and have an active account. For the completion of the loan application process, you will have to provide some basic information such as your birth name, your address and a valid form of ID.

Cities in Colorado where you can find a legal payday loan lending company

  • Alamosa
  • Colorado Springs
  • Commerce City
  • Cortez
  • Craig
  • Fountain
  • Longmont
  • Glenwood Springs
  • Grand Junction
  • Greeley
  • Highlands Ranch
  • Lafayette
  • Lakewood
  • Littleton
  • Glenwood Springs
  • Arvada
  • Aurora
  • Boulder
  • Brighton
  • Broomfield
  • Loveland
  • Northglenn
  • Parker
  • Pueblo
  • Thornton
  • Westminster
  • Wheat Ridge
  • Florence
  • Fort Collins
  • Fort Morgan
  • Fountain
  • Canon City
  • Carbondale
  • Centennial
  • Clifton
  • Delta
  • Denver
  • Durango
  • Edgewater
  • Edwards
  • Englewood
  • Estes Park

Texas payday loan laws overview

The area of Texas was first visited by Spanish explorers in the 16th century In 1685 at Matagorda Bay. There was a short-lived establishment of a French colony. After that, Texas was under Mexican control, which ended with the Americans taking over. Texas became a state in 1845 and between 1846-1848, the disputes about the border led to the Mexican War.

Texas is an industrial giant and a big agricultural producer. Only the state of Alaska produces more cattle, oil, cotton and sheep than Texas. The state of Texas has lots of farms that produce a huge number of eggs, wheat, dairy products, peanuts, rice and all kinds of vegetables and fruits. Every year, millions of tourists visit Texas state parks, spending more than $50 billion a year.

Texas is the second biggest state in the country and is the second most populous. Even though the state’s giant economy is beneficial to its residents, there are still many people struggling with their finances.

Life is full of unexpected events which often catch us off-guard. Most people need financial assistance sand one of the best way to get it is by taking out a loan. Payday loans are the most popular type of short-term loans as most borrowers who have to deal with emergency expenses find them really helpful. Payday loans are fast and easy to get and when you cannot really afford to wait for weeks or even months for a traditional loan or you cannot qualify for one, payday loans can be a good, temporary way to solve your financial issues.

What is a payday loan and how it works

Texas payday loan laws

Texas payday loan laws

A payday loan is a short-term loan and is also known as cash advance The borrower takes out a small amount of money (usually not exceeding $500) that he must repay within a period of two weeks. Of course, every state has different payday loan laws, therefore the terms and conditions may vary. Since they are easy to get and are short-term by nature, payday loans have a higher annual percentage rate than most type of loans.

To qualify for a payday loan, the borrower needs to have a steady source of income in order to be able to repay the loan on time. Other factors like credit history are almost irrelevant when applying for a payday loan. If the borrower fails to repay the loan on time, he may have to pay for a number of fees and charges. So unless you are sure in your ability to repay a payday loan, you would most likely want to skip it as a loan option.

Texas payday loan laws

Payday loan lending in Texas is legal and payday loan lending companies can provide loans to their borrowers according to the state regulations in  7 Tex. Admin. Code 1.605; Tex. Fin. Code Ann. 342.251 et seq. In Texas, the length of a payday loan can go up to 180 days. The maximum loan amount a borrower can take is an amount computed under Subchapter C, Chapter 341, by using 100 dollars as a base reference amount.

The annual percentage rate on a two-week $100 payday loan cannot exceed 410%. Every payday loan lending company in Texas should have all terms and conditions posted at their offices and website. The contract agreement must be in a written form and should include the amount of the loan, name of the lending company as well as all loan fees.

Why payday loans in Texas could be a workable borrowing option?

extremely fast to get

extremely fast to get

Traditional loan lending institutions often claim that payday loans are dangerous for the borrowers and yet so many people find them more than useful. Many borrowers are choosing payday loans as their choice for financial assistance because despite the risks that they carry, they can also be quite beneficial. Here are some feature that make payday loans popular:

  • They are extremely fast to get

When dealing with an emergency, the most important thing a borrower must consider when taking out a loan is the speed of the service. When the expenses are knocking on your door, you cannot afford to sit around for days and weeks waiting for a loan approval from your bank. With payday loans, you can get the money you need as soon as within a few hours. The application process itself takes no more than a couple of minutes and it can be done at a payday loan lender’s office or online.

  • Having bad credit is not an issue

For most borrowers, having a bad credit score has proven to be a loan deal-breaker. The reason being is that most traditional loan lending institutions almost never give out loans to people with bad credit history. With payday loans, however, your credit score is almost irrelevant. Most payday loan lending companies are interested in your ability to repay the loan, not the state of your credit score.

  • Many payday lenders to choose from

Many payday lenders to choose from

Many payday lenders to choose from

With the number of payday loan lenders increasing dramatically in the last 10 years, it is likely that you will find a payday lender’s office near your home or workplace. You also have the option of applying for a payday loan online. In case you decide to go for the online option, you may get your money a little slower, but you will have it by the end of the following business day.

  • Spend the loan for any purpose

Payday loan lending companies do not pay any attention to what you do with your loan money. This spending freedom is something that you do not get when taking out a loan from a traditional lending institution. Whatever your emergency is, you can deal with it without having to worry about any limitation set by your payday loan lender.

Texas payday loans eligibility requirements

As you know by now, payday loans are pretty easy to get. That does not mean that there are no requirements you must meet in order to be eligible for one. To make sure you qualify for your loan, here are some things you must know. You need to be 18 years old or older to be eligible for a payday loan. You also have to be a permanent resident of the state that you are applying from or have an American citizenship.

In order to get your loan, you also need to have a stable monthly income so that you would be able to repay the amount on the given date. If you meet these requirements, you will need some basic information to complete your payday loan application. You will need to provide details of your income and employment, a valid form of identification, your birth name, phone number, your current address and your social security number.

Texas cities where you can find a payday loan lending company

  • Killeen
  • Richardson
  • Laredo
  • Lewisville
  • Longview
  • Lubbock
  • Mckinney
  • Mesquite
  • Grand Prairie
  • Midland
  • Missouri City
  • Odessa
  • Pasadena
  • Plano
  • Round Rock
  • San Angelo
  • San Antonio
  • Mcallen
  • Sugar Land
  • The Woodlands
  • Tyler
  • Waco
  • Wichita Falls
  • Abilene
  • Amarillo
  • College Station
  • Arlington
  • Austin
  • Beaumont
  • Brownsville
  • Carrollton
  • Corpus Christi
  • Dallas
  • Denton
  • El Paso
  • Fort Worth
  • Frisco
  • Houston
  • Irving
  • Garland

South Carolina payday loan laws overview

Nowadays, many people turn to the loan lending industry when they experience financial difficulties. The most popular type of loan that borrowers use is called payday loan. Residents of South Carolina are also quite attracted to this short-term loan, and payday loan lending offices can be found across the state. South Carolina payday loan laws are explained in this article.

In 1729, South Carolina has officially separated from North Carolina. Today, South Carolina has a lot of big textile mills that produce much more output than its farms in money value. There is big production of pulp, chemicals, steel products, wood,  apparel and machinery. Places that attract the interest of most tourists include Fort Johnson, the Cypress Gardens, the Fort Sumter National Monument, the Riverbanks Zoo and many others. South Carolina is the 40th largest state in the United States and it is 24th most populous with a population of over 4,896,146.

What is a payday loan?

South Carolina payday loan laws

South Carolina payday loan laws

Payday loans are short-term loans for a small amount of money. It is also known as cash advances. The borrower takes out a small sum of money that he must then repay in full within his next paycheck. In most cases, payday loans are used by borrowers to deal with an emergency situation, such as the need of a car repair, or payment of a medical bill. Payday loans can be a good solution to emergencies because they are very fast. The whole process from applying to having the money in your pocket may be completed within a few hours. Another feature is that you can get a payday loan even if you have a bad credit score. Normally, the amount for a two-week payday loan does not exceed $500. The standard length of a payday loan is 14 days.

South Carolina Payday Loan Laws

Payday loan lending in South Carolina is legal according to the S.C. Code Ann. 34-39-110 et seq. Therefore, all payday loan lending companies adhering to the South Carolina payday loan laws can legally conduct their businesses. The maximum loan amount for a 14-days payday loan in South Carolina is $550. The annual percentage rate can go as high as 390%. Payday loan lending companies in the state can also charge a 15% fee for every $100 borrowed. The maximum loan term period for a payday loan in South Carolina is 31 days. There aren’t any specific regulations regarding the number of outstanding loans a borrower can have as well as any extensions and rollovers. There is, however, an NSF fee restriction that forbids lending companies from charging more than a $10 NSF fee on a check. Criminal action against borrowers are also not allowed.

In South Carolina, the government controls all the loan lending companies in the state. If a company wants to set up a payday loan lending business in South Carolina, that company should get a license from the State Board of Financial Institutions in order to operate legally. In South Carolina, every single payday loan must have a signed agreement by the lender and the borrower. The contract should state the name of the lending company, date of the transaction, amount of money and all the included fees. The fees, as well as the annual percentage rate, should be in US dollars.

Advantages of payday loans in South Carolina

Advantages of payday loans in South Carolina

Advantages of payday loans in South Carolina

You should know that if you decide to take out a payday loan in South Carolina, you must be well prepared to repay it back in full on the due date. Otherwise, you may find yourself in a worse situation than the one you were in prior to the loan. Payday loans have higher fees and annual percentage rate than most types of loans which make them risky. That risk, however, comes with lots of benefits, some of which are:

  • Many options to choose from

If you are a resident in South Carolina, you will most likely find a payday loan lender’s store near your office or home. So if you want to apply for a loan, all you have to do is to visit that lender’s store nearest to you and submit your application. Payday loans, however, give you a second option. That option is to go through the whole application process from the comfort of your home by visiting a payday loan lender’s store online.

  • Payday loans are quick and simple

Applying for a payday loan requires little to no documentation. The application process itself is super fast. You will get a very fast response on whether your application has been approved or rejected. Once your loan application has been approved, you will have your money as soon as within hours. In case you have decided to apply for your loan online, you may have to wait until the next working day in order for the money to be transferred into your bank account. Payday loans are an extremely fast service compared to traditional loans from banks, where you would have to wait for days and weeks to be approved for a loan and get the money you so desperately need.

  • It is ok to have a bad credit score

There are so many people with bad credit scores who are tired of loan rejections.They cannot believe how easy it is to qualify for a payday loan even with a bad credit score. Getting a payday loan with a bad credit is just as easy as getting one with a perfect credit score. Payday loan lending companies only care if you are going to be able to repay the loan amount. They have no interest in your credit score and most times only do a very quick and small credit score check on their borrowers.

  • Payday loan lending companies do not need to know the purpose of your loan

While you have to specify exactly what you are going to do with the money when taking out a loan from a traditional lending institution, with payday loans, you are free to do whatever you want with the loan. As long as you are not doing anything illegal with it, no one will interfere with your money spending choices.

Payday loans eligibility in South Carolina

Payday loans eligibility in South Carolina

Payday loans eligibility in South Carolina

There are still some basic requirements that you must meet in order to qualify for your loan.

  • You have to be 18 years old or older
  • You must be a permanent resident of the United States or an American citizen
  • You need to have a steady source of monthly income

You must provide the following information to complete your payday loan application:

  • Your birth name and your social security number
  • Your phone number and home address
  • Details regarding your employment and income

Cities in South Carolina where you can find payday loan lenders:

  • Greenwood
  • Bradley
  • Camden
  • Cayce
  • Chapin
  • Charleston
  • Chesnee
  • Myrtle Beach
  • Chester
  • Clinton
  • Clearwater
  • Clemson
  • Columbia
  • Florence
  • Goose Creek
  • Greenville
  • Greer
  • Mount Pleasant
  • North Charleston
  • Rock Hill
  • Spartanburg
  • Summerville
  • Sumter
  • Taylors
  • Abbeville
  • Cheraw
  • Aiken
  • Barnwell
  • Batesburg
  • Anderson
  • Andrews
  • Bamberg
  • Bath
  • Beaufort
  • Beech Island
  • Belton
  • Bennettsville
  • Bishopville
  • Blacksburg
  • Boiling Springs

 

 

 

Rhode Island payday loan laws overview

Rhode Island has always been a state known for supporting the freedom of action and conscience.  The rebellious nature of Rhode Island is shown through the years with the burning of Gaspee and Liberty (British revenue cutters), with its early independence declaration and its refusal to actively participate in the 1812 War.

Even though Rhode Island is the smallest state in the United states, it is a big center for jewelry manufacture. Other important industries include plastic products, electronics, boat and ship construction and others. The state of Rhode Island is the eighth least populous state in the country with a population of no more than 1,056,298.

Like many people in the country, residents of Rhode Island experience financial difficulties when they are forced to deal with emergency situations. In such situations, most of them find the solution to their problems in payday loans. The number of payday loan lenders has increased in the last 10 years, and so it is very easy to find a reliable lender on Rhode Island.

What is a payday loan?

Rhode Island payday loan laws regulations

Rhode Island payday loan laws regulations

Payday loans are one of the most popular type of short-term loans out there. Usually, when taking out a payday loan, the borrower is required to repay the amount in full within his next payday. Payday loans are short-term loans, so the loan term typically does not exceed 14 days. The standard amount of a payday loan usually does not exceed $500. However, every state has its own payday loan laws, so these terms can vary from one state to another.

Rhode Island payday loan laws regulations

According to the  R.I. Stat. Ann. 19-14.4-1 et seq, payday loans in the state of Rhode Island are considered legal. Payday loan lending companies need to operate under these law regulations. In Rhode Island, the maximum loan amount a borrower can take out is $500. There is no limit on the maximum loan term, however, the loan length cannot be less than 13 days. Payday loan lending companies in the state of Rhode Island have the right to charge 10% interest rate on each loan, meaning that for each $100 borrowed, you will have to pay $10. The maximum annual percentage rate for a two-week loan cannot exceed 260%. In Rhode Island, every borrower is allowed to have up to three payday loans per year, each not exceeding the amount of $500. Borrowers are also allowed one rollover for each loan. Each lending company’s fees and charges should be posted in their offices and online stores and should be available for all customers to see. To grant a payday loan, the payday loan lending company must have a signed contract with the borrower. This contract should contain all loan information, including all the fees and annual percentage rate.

Rhode Island payday loans benefits

Payday loans in Rhode Island have a reputation for being dangerous to people who use them. However, as much as they can be considered risky, they have also been quite beneficial for borrowers. There are many advantages that make payday loans so popular, here are a few:

  • Application options
Application options

Application options

With payday loans being as popular as they are, the number of payday loan lenders has increased dramatically. This means that you can easily find a lender store near your home or workplace. You also have the option of applying and receiving your money without having to leave your chair or bed by submitting your loan application online. Many borrowers find this feature very useful.

  • Rhode Island payday loans are fast

Usually, people take out payday loans when they have to deal with an unexpected event. And in cases of emergency, you really need to have the cash as soon as possible. By taking out a payday loan, you will have to wait no more than a few hours to get your money (if you decide to apply online, you may have to wait until the next business day for the money to be transferred).

  • Freedom of spending

While conventional lending institutions require you to specify what you are going to do with the money before they even approve your loan application, with payday loans you are free to do whatever you want. Once the application is done and you have your cash, how you want to spend the loan money is entirely up to you.

  • Applying for a payday loan with bad credit in Rhode Island is ok

There are many people with bad credit scores and they are constantly getting rejected from traditional lending institutions, such as banks. Payday loan lenders, however, do not care about your credit score. What they need you to have is a steady source of income that will allow you to repay the loan on time.

Payday loan eligibility requirements in Rhode Island

eligibility requirements in Rhode Island

eligibility requirements in Rhode Island

Once you have chosen a lending company to work with, all you need to do is to apply for your loan. Even though payday loans are extremely easy to qualify for, there is still some basic criteria you have to meet to be eligible for your loan.

  • You need to be 18 years old or older
  • You need to have a stable source of monthly income
  • You must be an American citizen or a permanent resident of the state you are applying from

To complete your payday loan application, you will also need to provide the following information:

  • Your birth name, phone number and home address
  • Your social security number, and a valid form of Identification
  • Details regarding your income and employment

Cities in Rhode Island where you can find payday loan lenders:

  • Providence
  • Central Falls
  • North Kingstown
  • Cranston
  • East Providence
  • Woonsocket
  • Pawtucket
  • Warwick

 

Delaware payday loan laws overview

The unemployment rate in Delaware stood at 5.1% in 2015. Today, more and more residents of the state are turning to payday loans when they need financial assistance. Delaware payday loans laws have gone though a few changes through the years.

Delaware was discovered in 1609 by Dutch sailor Henry Hudson. In 1664, England took over the region and in 1704, in the American Revolution, Delaware fought as an independent state. In 1787, it became the first state to ratify the Constitution. Even though it was a slave state, Delaware did not secede from the Union in the Civil War.  

Delaware is known for its huge chemical industry. The state manufactures medical supplies, vulcanized fiber, paper, textiles, metal products, machine tools, machinery and automobiles. Delaware is also a pioneer in the US food-canning industry, producing soybeans, corn, potatoes and other important crops. The state also  supplies the big Eastern markets with fish and dairy products.

Delaware is the second smallest state in the United States and it is the 6th least populous state in the country with a population of close to 945,934.

What is a payday loan?

A payday loan is a short-term loan and is also called a cash advance. The loan is given for a short period of time and must be repaid by the time the  borrower receives his next paycheck.

Delaware payday loans laws regulations

Delaware payday loans laws

Delaware payday loans laws

As of today, payday loans in Delaware are legal according to Del. Code Ann. tit. 5 § 2227 et seq. Under the small loan act and licensing law, payday loan lenders are considered legal businesses in Delaware.

In Delaware, borrowers are required to provide a thumbprint along with their actual signature when signing a loan contract. The reason behind the introduction of this requirement was to protect its residents from dishonest payday loan lenders. That measure proved to be very effective as it reduced the number of fraud cases rates by 60%. The thumbprint is required from borrowers with any type of loan application – whether it is applied via the phone, in person or online. In Delaware, you are not allowed to get a loan if you have already exceeded the limit of 5 short-term loans in the last 12 months. In Delaware, there is a minimum repayment term of 60 days and lending companies cannot require the repayment to be made before that. Borrowers in Delaware are allowed up to 4 rollovers on each loan they have taken out. Another option is taking title loans in Delaware. 

Payday loans in Delaware fees and charges

Delaware payday loans laws are pretty different from other states when it comes to APR, fees and charges. There are no exact limitation a lending company should follow. That way, they can decide how much to charge their clients and in what form.

Lending companies can require interest to be paid at a daily, weekly, monthly or annual percentage rate. There is no limit to how much a lending company can charge you. All terms and conditions must be agreed with the borrower, which makes every lending contract unique. The maximum loan amount a borrower can take out in Delaware is $500 and a borrower is not allowed to take out another loan before he repays his current one.

Why taking out a payday loan in Delaware may work in your favor?

Taking out a payday loan can have a positive effect on your financial stability as it comes with lots of benefits:

  • Bad credit is not an issue

Get your money fast

Get your money fast

While traditional banks will most likely crush your hopes of getting financial assistance if your credit score is bad, with payday loans, having bad credit can cannot stop you from getting the money you need. This makes the service a first choice for many borrowers who do not have a good credit rating.

  • Get your money fast

The service of payday loans is extremely fast as you get hold of your money within a few hours after your application. If you decide to apply for your loan online, it can take up to one business day for you to get your cash.

  • More than one option

If you want to apply for a payday loan and you are looking for a payday lender’s store near your home or your workplace but you can’t find one, you actually have the option to submit your application online. So whether you want to visit an on-ground store or submit your application online from the comfort of your home is entirely up to you.

Application requirements for a payday loan in Delaware

Application requirements for a payday loan

Application requirements for a payday loan

As mentioned above, payday loans are a fast and simple service. While payday loan lending companies do not require much documents to give you a loan, there are still some requirements you have to meet:

  • You must be at least 18 years old to apply for a payday day
  • You need to have an American citizenship or be a permanent resident of the United States
  • You need to have a steady stream of monthly income

To complete your application successfully, you should provide more information such as:

  • Your social security number, name, and date of birth
  • Phone number, home and email address
  • Details regarding your employment and income

Cities in Delaware where you can find payday loan lenders:

  • Laurel
  • Bridgeville
  • Claymont
  • Smyrna
  • Delmar
  • Milford
  • Dover
  • Georgetown
  • Harrington
  • Lewes
  • Millsboro
  • New Castle
  • Milton
  • Bear
  • Newark
  • Rehoboth Beach
  • Seaford
  • Selbyville
  • Wilmington

 

Alabama payday loan laws

The payday loan industry is gaining popularity in recent years as many US citizens see it as a first choice when it comes to taking out a loan. The residents of Alabama are also highly interested in what the service has to offer. Alabama payday loans laws are explained below.

In 1763, the British took control of the area that we call Alabama  today. However, after the American Revolution, they had to give almost all the area to Spain and the US. In the 1950s and 1960s, the state of Alabama was the site of civil-right landmark actions such as the “Freedom March” from Selma to Montgomery and the bus boycott in Montgomery.

Nowadays, the economy of Alabama is based mainly on manufacturing paper, chemicals, apparel and textiles, rubber and plastics, automobile manufacturing and primary metals. Alabama is also a major producer of coal, steel and iron.

Alabama is the 30th largest state in the United States and it is 24th most populous with a population of over 4,858,979.

Payday loans explanation

payday loan is a short-term loan

payday loan is a short-term loan

Normally, a payday loan is a short-term loan which the borrower has to pay back in full when he receives his next paycheck. Payday loans are also referred to as cash advances.

Alabama payday loan laws regulations

In 1999, Alabama was among the 19 states that were involved in legislating small loans. In 2002, however, most measures were scraped and today payday loan lenders are able to run their businesses without any trouble in Alabama. The number of payday loan lending companies in Alabama exceeds 1000 and is growing with each passing year.

According to Alabama payday loan laws, a borrower is allowed no more than one payday loan at any one time at a given location. If the borrower is not able to repay the loan on time, he is allowed one rollover. Another thing that makes Alabama payday loan laws different from other states is that even though payday loan lending is absolutely legal, the only companies that are allowed to give payday loans are the check cashing companies.

Alabama payday loans laws regulations

Alabama payday loans laws regulations

Alabama payday loans charges and fees

Here is what you should know if you are thinking of applying for a payday loan in Alabama:

Loan Terms

  • The maximum loan amount in Alabama is $500
  • The loan period of any payday loan given in Alabama must be between 10 and 31 days
  • The maximum finance rate and fees in Alabama cannot exceed 17.50% and 3% a month after a default
  • The maximum finance charge for a two-week $100 loan in Alabama is $17.50
  • The maximum annual percentage rate for a two-week $100 loan in Alabama is 456.25%

Debt Limits

  • Borrowers are allowed one rollover
  • The length of the “cooling-off period” in Alabama is the next business day after repayment of 2 continuous loans

Collection Fees

Debt Limits

Debt Limits

Payday loan lending companies in Alabama can charge one NSF fee of $30 in case there is no money in your linked account or if a payment fails. Fees for an attorney can go up to 15% of the check amount.

Criminal Action

In Alabama, lending companies do not have the right to threaten you with any criminal action unless a check is returned in case of a closed account.

Payday loans eligibility and application requirements in Alabama

It is hard to imagine a more simple loan service than Alabama payday loans. However, you still need to meet certain criteria to get a payday loan:

  • You have to be at least 18 years old
  • You are a permanent resident of the US or an American citizen
  • It is obligatory that you have a steady source of income

To successfully complete your application, you will have to prepare the following information:

  • Your social security number, name and date of birth
  • Phone number, home and email address
  • Details regarding your employment and income

Cities in Alabama where you can find payday loan lenders:

  • Aliceville
  • Alabaster
  • Birmingham
  • Albertville
  • Alex City
  • Opelika
  • Alexandria
  • Andalusia
  • Anniston
  • Tuscaloosa
  • Arab
  • Athens
  • Carbon Hill
  • Atmore
  • Attalla
  • Phenix City
  • Auburn
  • Bay Minette
  • Bayou La Batre
  • Bessemer
  • Brewton
  • Enterprise
  • Bridgeport
  • Bryant
  • Butler
  • Centre
  • Decatur
  • Dothan
  • Florence
  • Gadsden
  • Huntsville
  • Madison
  • Alexander City
  • Mobile
  • Montgomery
  • Northport
  • Prattville
  • Boaz
  • Prichard
  • Selma

 

Florida payday loan laws overview

There is one type of short-term loans that attracts the attention of almost every resident of Florida looking for a quick cash solution and these are Florida payday loans.

The state of Florida was first discovered by Ponce de Leon while searching for the so-called “Fountain of Youth. He gave Florida its name and claimed it for Spain. Through the years, Florida was ruled by England and Spain until 1819 when Spain sold it to the US.

The economy of Florida is based mainly on manufacturing, tourism and agriculture. Florida’s agriculture includes the production of grapefruits, oranges, melons, potatoes, peanuts, sugar cane, dairy products and others. The manufacturing sector is led by transportation equipment, electronics, food processing and others.

Florida has the 4th largest economy in the US with a GDP of $748 billion. It is the 22nd largest state in the United States and the third most populous with a population of more than 20,271,272.

First off, what is a payday loan?

Florida payday loan laws regulations

Florida payday loan laws regulations

Payday loans are advanced payments on a post-dated check that you have to provide to your lender. The lending company gives the loan which you have to repay (plus interest and fees) when you receive your next paycheck. The lender cannot deposit your check before the agreed time. It is important to pay attention to what the fees and charges are so you can manage the repayment easily.

Florida payday loans laws regulations

In Florida, payday loan lending is considered legal according to Rule 69V-560.901-912 and the Fl. Stat. Ann. § 560.401 et seq. All payday loan lending companies must operate under these laws. In Florida, lenders are not allowed to give out loans exceeding $500 each. Other limitation states that a borrower cannot have more than 1 outstanding loan at the same time. The duration of the loan can vary from 7 to 31 days.

Florida payday loan fees and charges

Florida payday loans fees and charges

Florida payday loans fees and charges

Before you make a decision on whether you should apply for a payday loan in Florida or not, here are some things you should know:

  • Charges, fees and APR

  • Payday loan lending companies are allowed to charge a maximum of 10% fee. However, depending on the size of the loan, they may also charge a verification fee.
  • The annual percentage rate for a 14-day $100 loan in Florida cannot exceed 390%
  • Finance charge for a 14-day payday loan for the amount of $100 cannot be more than 15%.
  • Collection

You will need to pay any charges that the financial institutions may impose on your lender.

  • Rollovers

According to Florida payday loan laws, rollovers are not allowed.

Why consider a payday loan in Florida?

Why consider a payday loan in Florida?

Why consider a payday loan in Florida?

  • It’s easy to apply for one

In Florida, you can find payday loan lender stores both online and on the ground. It’s up to you to decide which option works best for you.

  • It’s a very quick service

If you decide to apply for a payday loan at a physical store, you will get your money within minutes once you are approved. If you choose to apply online, it may take up to one day for you to get your money.

  • Poor credit is ok

Compared to traditional lending institutions, Florida payday loans lenders have a lot less criteria for you to meet in order to give out a loan. Having a bad credit can really hurt your chances of getting a loan with most banks, with payday loans, it will have little to no effect on your chances of getting approved for one. What payday loan companies are interested in is your ability to repay the money by your next paycheck.

  • Use the loan amount for any purpose

With payday loans, once you get your money, you can basically do whatever you want with it. You can may use the payday loan to fix your car, settle home reno bills or medical bills.

Payday loans application and eligibility in Florida

eligibility in Florida

eligibility in Florida

You will still need to meet certain criteria for you to get your payday loan in Florida:

  • The minimum eligibility age for a payday loan in Florida is 18 years old
  • You need to be an American citizen or a permanent resident of the US
  • You also should have a steady source of income

To complete your application, you will need to provide other information such as:

  • Your social security number, name, and date of birth
  • Phone number, home and email address
  • Details regarding your employment and income

Cities in Florida where you can find payday loan lenders:

  • Lauderhill
  • Boca Raton
  • Miami
  • Boynton Beach
  • Brandon
  • Jacksonville
  • Cape Coral
  • Deltona
  • Clearwater
  • Melbourne
  • Coral Springs
  • Daytona Beach
  • Lakeland
  • Deerfield Beach
  • Delray Beach
  • Davie
  • Fort Lauderdale
  • Fort Myers
  • Gainesville
  • Hialeah
  • North Miami
  • Hollywood
  • Kissimmee
  • Largo
  • Margate
  • Miami Beach
  • Miramar
  • Palm Bay
  • Palm Harbor
  • Tallahassee
  • Pembroke Pines
  • Plantation
  • Pompano Beach
  • Spring Hill
  • Orlando
  • Sunrise
  • Tamarac
  • Weston
  • Tampa
  • West Palm Beach