Illinois Payday Loan laws, Are they Looking Out For You?

By Shawn Martin


Illinois State Flag
Illinois State Flag

Illinois payday loan laws are set up to favor the lender, and one needs to be aware of these laws before a person takes a payday loan out.

The loan companies are allowed to write payday loans for between 13 to 45 days.

This coupled with the interest rates allowed, $15.50 per $100.00 borrowed, and the amount allowed to borrow, $1000.00 or 25% of the borrowers gross income, whichever is less, can lead to a one way trip to the payday loan trap.

A 14 day $100.00 loan comes out to an APR of 403%. This is a crazy APR and one should avoid these types of loans at all costs.

One good thing is payday loan lenders in Illinois are not allowed to write more than one loan at a time, so this does help curb the stacking of loans by any one borrower.

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Payday Loan Laws In Idaho

By Shawn Martin


Idaho State Flag
Idaho State Flag

 

The payday loan laws in Idaho are written in a way that befits the lenders.

There are no time limits on the loans, and the interest rate the lender is allowed to charge is open ended.

In other words, the lender may charge any amount the borrower will pay.

Now that is a recipe for disaster and a sure fire path strait into the payday loan trap.

Idaho payday loan companies are subject to the rules and restrictions of the small loan act, but by and buy they find ways to write in fees and charges that add up to insane rates.

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Payday Loan Laws In Hawaii

By Shawn Martin


Hawaii State Flag
Hawaii State Flag

 

The payday loan laws in Hawaii are a bit on the lenders site.

They allow for 15% interest on the face of the check and lead to very high annual interest rates.

You can take out a payday loan in Hawaii for up to 31 days and roll overs are allowed within this time frame.

Of course, all fees apply to each rollover.

One must remember a rollover of a payday loan is just like a loan renewal, and a rollover fee usually always applies.

Total loan amounts in Hawaii are up to $600.00 maximum

.Many people are getting into trouble simply because the average rollover of a payday loan is 4 to 5 times before the payment in full of the loan is made, so this state does help by limiting the time frame to 31 days on rollovers.

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Georgia Laws For Payday Loans

By Shawn Martin


Georgia State Flag
Georgia State Flag

The Georgia laws for payday loans are a bit different than other states.

One of the biggest differences is the amount they will allow the borrower to take out.

The lender must not borrow below $3000.00 or be in violation of the usury law. The are also not allowed to exceed 16% in interest charges

A Payday loan company may charge 16% interest if they are borrowing the loan directly to the customer and they must hold at least 50% of the interest in house.

State-chartered banks that are operating within the federal law and owned out of state are allowed to charge more than the 16% cap.

All confusing?

We agree. The best way to approach these loans is to pay them off in full as soon as possible and never use them again.

If a person who gets in a bind is disciplined enough to take out the loan for a one time, short time frame and pay it off when it comes due in full all would be well.

You would get hit by the high interest rate, but it would be done and over with.

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Florida state Payday Loan Laws

October 30th 2012 By Shawn Martin


Florida State Flag
Florida State Flag

The Florida State Payday Loan Laws are very lender friendly and not very beneficial to the borrower.

The current allowable time frame for a payday loan in Florida is 7 to 31 days.

Interest rate charges are 10% maximum plus a $5.00 free. This can lead to incredibly large interest rates. The APR for a 14 day, $100 loan is 390%

The maximum loan amount is $500.00 exclusive of fees,

Legislation has passed laws that authorize  payday loan companies to do business in Florida.

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