Emergency Cash Advance: Little Known Facts
Copyright © 2011 Andrew Scherer
Take some time to read so much of the written material posted online about payday loans in and you’ll quickly find that most all of it seems have one thing in common. That’s that in general it seems to make them out to be so simple and easy. That even with bad credit, if you have a job and a checking account that’s at least 90 days old, all you have to do is submit an application, and odds are you’ll qualify.
The true facts though, if you were to dig a little deeper and begin looking into it more, you would soon find there’s far more to it than appears on the surface. For instance the one thing in particular that most people find surprising is the number of laws and regulations that are in place governing how they and even you can operate. What’s worse is that there are no set federal standards.
Here’s an interesting factoid. Would you believe that there are more payday loan franchise venues in the US than there are Burger King and McDonald’s restaurants combined? So there’s a lot heckuva lot of them. Then what makes this fact even more interesting is a total of six states in the US don’t even allow them to operate inside their borders. They’ve banned them completely.
Now with all these rules and regulations in place you may find surprising state lawmakers are continuing to enact even newer laws. For instance the newest trend is laws that limit the amount of money you can borrow at any one given time. Would you believe that some states are now even limiting the amount to $500? Well it’s true, and it in fact even goes further than that.
For instance another surprising fact is that increasingly more states are even starting to limit how many times you as a free citizen can borrow from a payday cash advance venue. Either online or locally. In fact some of the more stringent regulations that have been passed confine you to borrowing money from a payday loan site to as few as four times per year. No matter how badly you may need the money.
So there’s a lot more to payday loans than you may have realized. The real surprise though is that state lawmakers have even sought to it to limit how much and when you can borrow in this so called free market. So then why all these new rules and regulations in the first place? The answer is simple, and that is that payday loan lending has become incredibly popular in recent years, and is taking a big bite out of profits credit card companies and banks.
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