Debt Consolidation and Credit Card Counseling

Payday Loan Information

We have published a number of articles on the topic of payday loans, cash advance loans and quick cash loans. In order to help you with your debt problems, we have listed them below.

Payday loans, also known as cash advance loans or quick cash loans, are a form of lending handled by “stores” that specialize in short term loans. If someone wants a payday loan, they go to a store that offers them. The borrower will usually borrow a sum of money ranging from $100 to $500 and the term of repayment is usually two weeks. In exchange for the loan, the borrower will write a check that is postdated until the date the loan is due. The check is written in the full amount of the loan, plus the fees charged for the transaction, which can vary from $10 to $30 per $100 borrowed.

Should the borrower be unable to repay after two weeks, the debt can be “rolled over” for another two weeks, provided that the borrower pays the fees a second time. In some states, loans can be rolled over indefinitely; other states have a cap on how many times a loan may be renewed. Legislation varies greatly on these types of loans and at present, some thirteen states prohibit them altogether.

Opinions are varied as to whether or not these product are useful. Their proponents point out, correctly, that they are offering a service that is vital to the community - making short term funds available to those who need them. They also point out that many people who frequent these stores would be unable to obtain financing elsewhere, such as at a bank. Detractors note that the stores tend to be located in the less prosperous parts of cities, where the clientele tends to be the poor and underprivileged. Worse, in may towns, cash advance stores tend to be overwhelmingly located near military bases, and the stores are often accused of preying upon our military personnel.

Payday loan Articles

The Hazards of Payday Loans - They are far more expensive than you may realize

Payday Loans - Banks Could Help - Studies show that banks could offset the huge cost of payday loans

Payday Loans - One State Fights Back - How Virginia is fighting the payday loan problem

Payday Loan Stores Move Upscale - Targeting more affluent neighborhoods

Payday Loans Disguised as Something Else -They may call it something else, but it’s the same old thing

Payday loans - Legislation May Not Help -Could make a bad situation worse

Payday Lending Bill Hits Snags -After meddling with it, most of the effectiveness is gone

Payday Loans - Illinois Gets Tough - The latest state to clamp down on this predatory lending industry

Payday Loan Capitol is Utah - The Beehive State has some of the loosest regulations in the country

Payday Loans - Isn't 1000% Too Much? - Why Utah allows interest rates that other states have outlawed

Payday Loan Interest - Or Is it a Fee? -Arkansas judge’s ruling allows lenders to skirt interest rate cap

Payday Loans Now Legal in Michigan-This may be better or worse for citizens

Internet Payday Loans Now Available

Payday Loans Thrive in South Dakota

Cash Advance Alternatives in Virginia - Some credit unions are offering short term loans

Quick Cash Loan Alternatives Are Available - It may take some research, but there are other choices

Quick Cash Stores Operate Despite New Law - Circumventing the law through slight of hand

Alternatives to high priced lending in Ohio - Credit unions helping out those in need of short term cash

Cash advance Stores Fail to Support Troops

Profile of Typical Borrower - The typical consumer is not as described

Short Term Lending on Agenda in South Dakota - Banks are good; broke residents are not

Cash Advance Stores Sue Nonpaying Customers - Pay up or expect to see them in court

Quick Cash Frequently Asked Questions - What you should know

Short Term loans Justified by Credit Union Report - Short term loans necessary

Quick Cash Industry Examined By FDIC - The agency looks at the cash advance industry

State closes lenders in North Carolina - Violating state lending laws

Cash Advance Loan Alternatives and Their Costs

Cash Advance Regulation - Laws to regulate the industry can be complicated

Short Term Lending Survey and Facts Disagree

Survey Shows Customers are Happy

Cash Advances May Be Cheaper Than Overdrafts

Cash Advance Loans Regulated in Oregon

Cash Advance Industry Defends Loans to Military - Study claims military personnel “need” the loans

Quick Cash Industry Healthy in South Carolina - Lending thrives as neighboring states ban the practice

Cash Advance Alternatives for Arkansas Military

Loan Alternative May Change Lending

Arizona Lending Bill Does Nothing

Quick Cash Stats Can Be Deceptive

Cash Advance Lending Restrictions Passed in New Mexico

Short-term Lending Hurting National Security

Minimum Wage Problem Hurts Lending Customers

The Same Thing With a Different Name - Lenders try to skirt Pennsylvania laws

Quick Cash Replaces Car Title Loans in Florida

When Lending Laws Go Wrong

Oregon Promotes Alternatives to High Priced Lending

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