Common Payday Loan Laws

Payday loan laws and regulations are different in every state. The only real federal law that must be applied to payday loans universally across all states is that there must be a 36 percent cap on all payday loans that are granted to military personnel. Otherwise, you will see that payday lenders all operate under different laws. As a consumer, you should be aware of these laws, what is or is not allowed in payday lending and your rights as a borrower. Payday loans are short term loans that are paid back in about 2 weeks plus interest. Payday lenders generally charge very high interest rates which have provoked many states to outlaw payday lending all together. For states that have not outlawed payday lending, they may have put a substantial cap on the loan which actually forces lenders to go out of business. Depending on your state, rolling over loans may or may not be allowed. In states that do allow rolling over, the amount of times that you can roll over a loan are normally limited. Basically, rolling over the loan is when you need to take out another loan right after you take out the first loan or you take out a second loan to pay back the first loan. Rolling over is also known as flipping. In states that do not allow rolling over, they normally provide payment plans which help to extend their current loan without putting themselves in more debt. Many lenders must also be licensed by the state in order to become a payday lender. Consumers should only take out loans from lenders who are qualified to lend as they use the best lending practices and are held accountable by the state. If your state currently does not allow payday loans, you can take out a payday loan from another state. You should be aware that the laws of that state will apply, not the laws in your state. Before you take out a payday loan, you should make sure that you know the laws and regulations of payday lending in the state that you are going to take the payday loan out from.

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