October 30th 2012 By
Shawn Martin 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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October 26th, 2012 by
Shawn Martin Delaware State Flag
The maximum amount you may borrow at one time is $500.00 and there is no limit on the interest rates.
The small loan laws of Delaware allow the lender to charge any amount of interest the borrower agrees to pay.
The payday loan laws of Delaware have a maximum time frame of 59 days.
You may roll over your payday loan in Delaware up to 4 times.
On a good note the lenders of payday loans may not collect check charges or bank fees for payday loan debt, but make up the difference in interest rates, which lead to extremely high rates passed on to the borrower.
Delaware allows borrowers to take out up to 5 payday loans a year. They are allowed to extend loans of up to $100.00 to 12 months.
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October 26th, 2012 by
Shawn Martin Connecticut State Flag
One has to wonder when reading Connecticut payday loan banking laws.
There are 23 states that allow payday loans, and 19 that prohibit them completely.
Connecticut is on of the latter states, but they have made provisions in their small loan laws
They allow Payday Loans and really have no limits on how much you can borrow, as long as you stay under the small loan cap of $15000.00
There is also no limit on how long or how many payday loans a person can take out at any given time.
Interest rates are set up as any amount a borrower agrees to pay, and with unlimited roll overs this could lead to some seriously high rates.
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October 25th, 2012 by
Shawn Martin Colorado State Flag
The State Of Colorado Payday Loan Laws are a bit different from other states.
You are only allowed to have one loan at a time and the maximum duration of the loan is 40 days unless the loan is turned into a 6-month loan.
The loan limits are $500.00 and the interest rates are a bit different also.
20% of the first $300.00, then 7.5% in excess of $300.00.
Lenders can still charge a $75.00 origination fee as well as monthly fees of up to $30.00, or 7.5% per $100.00 loaned.
The average borrower will refinance an average loan 5 times before paying off the principal, which leads to huge interest and fee charges.
Many borrowers are in desperate need of money and do not use Payday loans as they were intended, a two-week short-term cash advance that needs to be paid in full at the end of the two week period.
They instead let it either default or roll over where permitted, and get hit with default charges and overdrafts and on and on.
In other words, they get caught in the
Payday Loan Trap!
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