*Use the summaries for general informational purposes and not as a legal reference. For the legal info regarding to a specific payday loan, please contact the Office of the Attorney General in your state.

Payday Loan Regulation and Scam Info

What You Care To Know About Payday Loans in USA.

payday loan lending

We Be Educating Public

WARNING! Payday loan myths are being broken here.

You might know what payday loans are (same as payday advance loans,) and you might know a lot more on top of that, but it is almost 100% that your attitude towards them is mostly formed by the popular culture around you.

Only Hard Facts

What you find here is BRUTE facts about USA payday loans, their legal status across all states, direct lenders reviews, insightful statistics and expert advice on your rights, responsibilities and expectations.

Helping You Be Safe

To be aware means to be prepared. We do community service helping people answer "are payday loans safe?" Only you can answer that actually. It all depends on the state you live in, your previous payrolls and your employment record.

Definition

payday loans legislation

There are three things that pertain to all US payday loans:

  • Extremely high annual percentage rate
  • Unsecured and easy to get
  • Short-term and risky for both parties

Criticism

There is a big debate going on regarding cash advance loans and their legal status. Some people think they should be illegal, and some - that they should be heavily regulated. As a matter of fact, you wouldn't be able to take out a payday loan in 13 states.

As the debate grows louder though, more and more payday advances are taken out. That is despite the fact that cash loans in the USA are probably the most available financing options.

Money Advances In Western Culture

payday loan debt

Because of the "live fast" philosophy and the ever-increasing speed of life in the West, US payday loans have grown dramatically. People are naturally impatient when it comes to living, and that's why given a relatively good loan deal, people often put themselves in a dead end. 

Major payday loan and cash advance markets are developed countries like Great Britain, Australia, Canada and the US. Western European market is not as big, and has been going down due to recession.

What About US Payday Loans Interest Rates?

Payday loans were not designed to be used long-term. If you are thinking of getting a cash advance loan for longer than a month, you've got it all wrong.

The annual percentage rate (APR) of a payday loan can go as high up as anywhere in between 300 and 700%. That means that for every hundred dollars you take out, you would have to pay somewhere between 300 and 700 dollars a year, until you return it.

It is ridiculous, many experts claim. They are too expensive, and they drain money from low-income communities.

Short-Term Versus Long-Term

Payday advance loans can be put to use quite effectively, given that you don't keep the loaned money for too long. Otherwise, you would be subject to a ridiculously high APR. Payday loans in the USA are generally characterized as having one of the highest interest rates. They are also really easy to get, and many people go bankrupt because of them. You gotta stay afloat, and we help you with that.

What About Risks?

Many experts also claim that when it comes to USA payday loan direct lenders, APR usage is not so relevant. Americans are generally good at using short-term financing solutions like payday advance loans, and there is hardly any reason to look at an annual percentage rate, when a loan is to be returned in two weeks or less.

Alternatives

A payday advance loan might not be the only viable option for you. There are plenty of other financing solutions to check out. Sometimes, they can be even riskier or costlier. We will help you figure it all out though, so don't worry.

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