Payday Loan Resource Roundup – Read Before Applying For A Loan!

I’ve been taking a hard look at a lot of the payday loan related stuff here on Fast Cash Authority, and I realized that most of the stuff that I’ve talked about hasn’t been backed up by legit sources. Rather than go back through all of the articles here and add sources, I’ll try and dump everything here. Scroll down to learn everything from interest rates in your state to lending laws.

This post will be updated as I find more stuff that’s relevant to it.

The Most Important Thing To Read – Loan Amounts And Interest For Your State

Before you apply for a loan you have to know what to expect in terms of how much you can borrow and what they’ll charge you. This post from the National Conference of State Legislature is the most up to day I can find, and it looks like it’s frequently updated. Read this! Seriously, it can prevent a major headache!

It’s also important to note that if you’re being offered a loan much greater than the amounts allowed by your state, or are charged much more in interest, something isn’t right and the lender is likely not licensed in your state.

Warnings About Online Payday Loan Lenders

I preach like crazy about how important it is to use only lenders that are licensed in your state. This quote from an awesome BBB article sums up where most of their complaints about lenders come from:

Many complainants were surprised to learn that the online lender was not licensed by the state and charged interest rates well over what was allowed by their state usury laws. When confronted, the lender typically responds that they don’t have to follow state or federal laws — often claiming that they are based in another country or on Native American reservations and are sovereign nations.

FDIC Guidelines For Payday Lending

There is some serious legalese in this FDIC article, but if you’re interested in the “why’s” behind payday loan laws this is the place to get it.

Payday Loan Laws By State

I’ve used this article as reference before in some earlier posts, but it needs to be put here as well. Debtconsolidationcare.com has an interactive page for payday loan laws. It’s unfortunately a bit out of date, but most of the info is still accurate. Simply click on the link, select your state, and see what’s up. If you have a complaint with a lender, the page for your state will have who you need to contact.

Comments

Leave a Reply

My name is Lydia and I'm and expert at getting fast cash. I've been through it all, and now I want to share my experience with you

Like Us On Facebook And Get Awesome Money Management Articles Right In Your Feed!!

Recent Posts

Payday Loans and Fast Cash Guide | Payday Loan Resource Roundup – Read Before Applying For A Loan!