State laws that regulate payday loans make life easier!
Did you know that most states have laws regulating your payday loan? If you're like most people you're unaware about the state laws limiting personal loan practices. Be careful! What you don't know about cash advance loan laws can actually hurt you. You see some lenders that offer payday loans or short-term personal loans are breaking the law by charging cash advance fees well over the state limit. By knowing the cash advance laws you ensure that you'll pay the fees that you're supposed to.
Prior to laws regulating payday loans, people with bad credit or no credit were getting hit with enormous amounts in fees. Sometimes as much as 800 or 900 percent annual interest! Thanks to lawmakers, cash advance or short-term loan lenders are forced to abide by a certain percentage and are no longer able to charge triple digit rates to people with bad credit.
State laws regulating payday loans also established guidelines as to what lenders must disclose. Before short-term personal loan laws lenders were allowed to hide their fees in lengthy cash advance loan agreements that were written in unclear language. Now lenders that offer payday loans are required to provide agreements written in clear understandable and that disclose fees upfront in bold typeface print.
All in all there are more than 30 states with regulating payday loan laws. To find the laws limiting short-term personal loan practices in your state, just click on the region you live in then pick your state. You'll discover what cash advance lenders are supposed to charge you, and you'll find out what your rights are as a consumer.