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 of 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.

Delaware payday loans 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

 

Hawaii payday loan laws overview

Hawaii payday loans industry in Hawaii is growing strong as this is the preferred type of short-term loan for most Hawaiian borrowers. So if you are a resident of Hawaii and you are looking for a payday loan, here is what you need to know.

Throughout most of the 19th century, the state of Hawaii was a native kingdom. In the year 1893, Queen Liliuokalani was ousted from position and the Republic of Hawaii was established a year after that with Sanford B. Dole as its first president. In 1900, Hawaii became a United States territory.

Hawaii produces products like coffee beans, macadamia nuts and bananas, However, what brings the most income for Hawaii is its tourism. Among the most visited tourist destinations in Hawaii are Volcanoes National Park of Hawaii and Hawaii National Historical Park.

Hawaii is the 8th smallest state in the United States and it is the 11th least populated with a population of no more than 1,431,603 residents.

Hawaii payday loan laws regulations

Hawaii payday loans laws regulations

Hawaii payday loans laws regulations

The payday loan lending in Hawaii is legal and payday loan lenders operate under the 26 Hawaii Rev. Stat. Ann. § 480F-1 et seq law, which regulates all payday loan lending issues. According to Hawaii payday loan laws, lending companies are not allowed to grant loans to people who already have an outstanding loan. This means that borrowers cannot repay their current loan by taking a new one. It is important to note that in order for any payday loan lending company to be able to legally conduct its loan lending business in Hawaii, it has to be in the form of check cashing transactions. Otherwise, it is considered illegal.

Charges and fees for a payday loan in Hawaii

  • According to Hawaii payday loans laws, lending companies can charge a maximum of 15% rate on the loans they are giving out.
  • A $100 14-day loan finance charge cannot surpass $17.65.
  • The annual percentage rate for a 14-day $100 payday loan cannot be more than 459%
  • The maximum loan amount a person can take out is $600 for a period not longer than 32 days.
  • There are no rollovers allowed, so all loans should be repaid on time.

Collection restrictions

  • Criminal procedures

Criminal procedures are forbidden (unless when a check is returned because of a closed account or in a stop-payment state)

  • Collection fees

Payday loan lenders in Hawaii are allowed to charge a fee of $20.

Hawaii payday loans benefits

Payday loans benefits in Hawaii

Payday loans benefits in Hawaii

Payday loans have a reputation of being risky. However, that risk is usually insignificant compared to the benefits a payday loan can offer.

  • Extremely fast service
  • The option to choose from online and physical store application
  • Bad credit rating is not a problem
  • The application process is quick and simple

Payday loans application and eligibility in Hawaii

Even though payday loan companies do not require a lot of documents when you apply for a payday loan, there are still some criteria you need to meet in order to be eligible for a payday loan in Hawaii:

  • To be at least 18 years old
  • To be a citizen of America or a permanent resident of the United States
  • To have steady monthly income

Also needed for a successful application is 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 Hawaii where you can find payday loan lenders:

  • Aiea
  • Hickam Afb
  • Hilo
  • Honolulu
  • Kailua
  • Kailua Kona
  • Kaneohe
  • Kapaa
  • Kihei
  • Lahaina
  • Lihue
  • Pearl City
  • Wahiawa
  • Wailuku
  • Waipahu

Hawaiian payday loan lenders

Most payday loan lending companies in Hawaii have both on-ground and online stores. It is up to you to choose which option works best for you. If you decide to apply for a payday loan online, you may get your money a little slower than a physical store application. But it still should not take more than one business day.

Minnesota payday loan laws overview

The state of Minnesota is an upper midwestern state and has a population of around 5,489,594. These days, payday loans are becoming more and more attractive to borrowers who are experiencing financial troublesEvery state in the US has its own regulations regarding payday loans, so if you are thinking of applying for one in the state of Minnesota, it is best that you know the Minnesota payday loans laws.

Minnesota payday loans regulations

Minnesota payday loans laws

Minnesota payday loans laws

Payday loan lending in the state of Minnesota is completely legal and lending companies can legally run their businesses according to Minn. Stat. § 47.60 et seq.

According to the states legislation, payday loan lenders can’t give out loans surpassing the amount of $350. Since payday loans are short-term loans by nature, the maximum payday loan period in Minnesota is 30 days. Minnesota payday loans laws strictly forbid lenders from harassing their clients, although that does not mean that lenders can’t file criminal charges against you if you fail to repay your loan. However, cases of filing criminal charges are really rare. With the payday loan lending industry growing more each year, the number of payday loan lending companies also increases. In the state of Minnesota, like in most states of the United States, you can apply for a payday loan by visiting a lender’s on-ground store or by just visiting one online. Research showed that payday loans are amongst the most popular online searches in Minnesota.

Why taking out a payday loan in Minnesota could help you

Payday loans are one of the most popular type of short-term loans. There are a few reasons why that is so:

  • They are faster than most other types of loans

When you are in trouble and you need immediate cash to take care of your bills, you can’t afford to wait for weeks to get it. With payday loans, you could get your money in just a few hours time or by the next business day if you’ve applied for your loan online.

  • They are everywhere

faster than most other types of loans

faster than most other types of loans

Fact is, you will probably find a payday lender’s store near your workplace or your home. You also have the option to apply for a payday loan online at any hour of the day.

  • You can use your money in any way you want

When you take out a loan from a traditional lending institutions, you are not really free to do whatever you want with your money as there are certain spending limitations stated in your loan contract. With payday loans, the money you get can be used for whatever you want as long as it is not something illegal.

  • Don’t worry about credit score

When you take out a payday loan, having a good or bad credit score is irrelevant. What lenders are interested in is if you can manage repaying the loan byn your next paycheck.

Payday loans fees and charges in Minnesota

If you are considering a payday loan in Minnesota, these are crucial information you have to know:

  • APR

The annual percentage rate for a payday loan in Minnesota cannot be more than 390%.

  • Charges and fees

Charges & fees

Charges & fees

The charges and fees may vary depending on the amount of money you are borrowing:

  • The charge for a $50 loan can be up to $5.50
  • If your loan amount is somewhere between $50 and $100, you can be charged with an administrative fee of $5 and a fee of up to 10% of your loan amount.
  • If your loan amount is somewhere between $100 and $250, you may be charged with $5 administrative fees and up to 7% of the amount borrowed.
  • If you your loan exceeds $250, you can be charged with $5 administrative fee plus up to 6% of the loan amount. That is with a minimum of $17.50.
  • Collection fees

If your payment has been rejected, you’ll most likely be obliged to pay a maximum NSF fee of $30.

  • Additional interest charge limit after default

Even though rollovers are forbidden by the Minnesota payday loans laws, lending companies are allowed to charge additional interest of up to 2.75% per month on that loan.

  • Rollovers

According to Minnesota payday loans laws, payday loan lending companies are not allowed to rollover or renew any loan case of nonpayment of the debt.

Who is eligible for a payday loan in Minnesota and how to apply for one

Who is eligible for a payday loan in Minnesota

Who is eligible for a payday loan in Minnesota

Despite being very fast and easy to obtain, payday loans do have some requirements that you should meet:

  • To be eligible for a payday loan in Minnesota you must be 18 years old or older
  • You need to have a stable monthly income
  • You need to be a permanent resident of the US or an American citizen

For your application to be successful, have these information at hand:

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

Cities in Minnesota where you can find payday loan lenders:

  • Alexandria
  • Anoka
  • Bemidji
  • Blue Earth
  • Brainerd
  • Burnsville
  • Cambridge
  • Cass Lake
  • Champlin
  • Chanhassen
  • Cloquet
  • Columbia Hts
  • Cottage Grove
  • Detroit Lakes
  • Dilworth
  • Dodge Center
  • Duluth
  • Eden Prairie
  • Elk River
  • Excelsior
  • Forest Lake
  • Glyndon
  • Grand Rapids
  • Hastings
  • Hibbing
  • Hopkins
  • Inver Grove
  • Lakeville
  • Little Falls
  • Madison Lake
  • Mankato
  • Maple Plain
  • Minneapolis
  • Minnetonka
  • Moorhead
  • New Hope
  • Prior Lake
  • Rochester
  • Savage
  • Shakopee

 

Michigan payday loan laws overview

The state of Michigan is divided into Upper and Lower peninsulas by the Straits of Mackinac, a narrow waterway which links lakes Michigan and Huron. It borders on four of the five Great Lakes. The state of Michigan has a population of around 9,922,576 which makes it the 10th most populous state in the US. Its economy is pretty diverse and includes production of  military and aerospace equipment, automobiles and many other things. Lately, Michigan payday loans are gaining more popularity and becoming a first choice for borrowers in the state.

Michigan payday loans laws regulations

Michigan payday loans laws regulations

Michigan payday loans laws regulations

Payday loan lending in the state of Michigan is completely legal according to Mich. Comp. Laws 487.2121 et seq and so the lending companies can run their businesses freely. We can say that Michigan payday loan laws are a little more complicated compared to other states in the United States. Payday loan lenders in Michigan must operate within certain limitations. The maximum payday loan amount a borrower can take is $600. However, in Michigan, people taking out payday loans are able to take out more than two outstanding loans from different lending companies. In Michigan, the length of any given payday loan cannot be longer than 31 days with no extensions allowed. It is also legal for lending companies to charge a $25 insufficient funds fee in case a payment has defaulted.

Payday loan lenders in Michigan

Payday loan lending industry is growing fast in the last 10 years and one of the main reasons for that is the availability of online lending. In Michigan, it is likely to find a payday loan lender’s store near your home or your workplace. The fact that you can apply for a loan from your home is something that makes the service more attractive to customers. Therefore, more and more businesses open doors in Michigan.

Why taking out a payday loan in Michigan can be a good borrowing option?

Taking out a payday loan, like with any other type of loans has its advantages and disadvantages. Let’s have a look at some of the benefits you get with payday loans:

  • You get options

You get options

You get options

You live in the city with payday loan offices all around you – great. You live outside the city and want to apply for a payday loan with no offices near your home – still great. This is because payday loans give you the opportunity to apply by going to a physical store or by going online to a lender’s website.

  • You need it fast, you get it fast

We all know that when people go through financial difficulties, every hour seems like a drag. Michigan payday loan lending companies make sure that you get your money as quickly as possible. You usually get your cash within few hours or by the next business day if you apply for your loan online.

  • You may still apply with bad credit

Yes, that’s correct. With payday loans, having a bad credit is not an issue and you can apply for your loan just as easily as you would if your credit score was good. This fact alone is enough to convince most borrower to choose payday loans as their first choice when it comes to borrowing.

  • No spending limitations

That’s right, unlike with traditional lending institutions where you have to follow certain limitations when spending the loan you’ve taken out, with payday loans you are free to do whatever you want with your money. It just has to be legal spending, that’s all.

Michigan payday loans fees and charges

There are some important things you should know if you are considering a payday loan:

  • APR

The annual percentage rate for a payday loan in Michigan can’t be more than 390%.

Interest charges for payday loans in the state of Michigan go like this:

  • 15% charge is for the first $100,
  • Second $100 loan is granted at 14%
  • You can get the third $100 loan at 13%
  • The fourth $100 loan is granted at 12%

All loans exceeding $400 are granted at 11%. The stated annual percentage rate for a $100 14-days loan cannot be more than 390%.

  • Charges and fees

The charges and fees vary depending on the amount you are borrowing:

  • The fee for a $100 loan is $15
  • The fee for a $250 loan is $35.50
  • The fee for a $600 loan is $76
  • Collection fees

Collection fees

Collection fees

In case of a declined payment, it is most likely you’ll be charged with a maximum of $25 NSF fees.

  • Rollovers

According to Michigan payday loans laws, payday loan lending companies are are in no way allowed to rollover or renew a loan in case of failed payment.

Michigan payday loans eligibility and application process

You need to satisfy some requirements if you want to take out a payday loan in Michigan:

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

Have the following information to successfully complete your payday loan application:

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

Cities in Michigan where you can find payday loan lenders:

  • Ann Arbor
  • Battle Creek
  • Bay City
  • Burton
  • Dearborn
  • Dearborn Heights
  • Detroit
  • Eastpointe
  • Flint
  • Garden City
  • Grand Rapids
  • Holland
  • Inkster
  • Jackson
  • Kalamazoo
  • Lansing
  • Lincoln Park
  • Livonia
  • Madison Heights
  • Midland
  • Muskegon
  • Oak Park
  • Plymouth
  • Pontiac
  • Port Huron
  • Portage
  • Redford
  • Roseville
  • Royal Oak
  • Shelby
  • Southfield
  • Southgate
  • Sterling Heights
  • Taylor
  • Troy
  • Warren
  • Waterford
  • West Bloomfield
  • Westland
  • Wyoming