Friday, November 24, 2017

In What States are High-Cost Payday Loans illegal ?



People may not have enough money to get their bills paid, especially to those who earn quite little salary. They will need some injection of cash to pay some emergency financial like car repair or medical bills. Sometimes people have a run out of money before the payday comes that enables them to pay all their bills. For that reason, they need to borrow a sum of money or get some loans to pay the rest of their bills. Regarding to this, we may recall to a term we call it as payday loans. With payday loans we can borrow a sum of money, usually a small amount or not more than the amount of our monthly salary, in a short term and we are expected to return the money on the next payday time. 

Although the rate of interest for this loan is relatively high, a lot of people take advantage from this facility. This type of loan is unsecured one since it does not required any requirements to get the loan. They find this sort of loan is very helpful for their financial problem. However, there is a regulation related to payday loan.The regulation is different in every country or states. Payday loans are considered illegal in some states for the high-cost of the interest rate they put on the borrowers. Now there is a question, in what states are the high-cost payday loans illegal?

Payday Loans in America

 

Payday loans have become people’s alternative in solving their financial problem in a short term. This type of loan is considered helpful to some people who need a small amount of cash in a quick time that does not need intricate requirements to get it. Every country or state has its own law regarding to payday loans. The regulation in the UK is definitely different to the one in the United States. United States are one country that regulates payday loans. Each state has its own law regarding to payday loans. Yet, for some circumstances not every payday loan is legalized. Some states find the payday loans illegal when the lenders apply the rate of interest relatively high.In what states are the high-cost payday loans illegal?

Some loaners apply relatively high rate of interest to their payday loan borrowers. Every state has its own limit charge of fee that the borrowers need to pay along with their loan. In America, 32 states legalize payday loans that allow the lenders to charge triple digit of interest annually. They are even allowed not to have a rate limit at all. These states are Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming. Then in what states are the high-cost payday loans illegal? Unlike the 2 states mentioned before, Georgia is the one and only state in US that bans the high-cost payday loans.

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