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Payday Loan Laws Of Delaware

October 26th, 2012 by Shawn Martin


Delaware State Flag
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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Connecticut payday loan banking laws

October 26th, 2012 by Shawn Martin


Connecticut State Flag
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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State Of Colorado Payday Loan Laws

October 25th, 2012 by Shawn Martin


Colorado State Flag
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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California Payday Loan Laws

October 25th, 2012 by Shawn Martin


California State Flag
California State Flag

California payday loan laws are similar to other states in they are designed to protect the borrower.

You must be licensed to give internet payday loans in California but it is legal to do business in Payday and cash advances.

The maximum amount of a Payday loan or cash advance in California is 31 days. No roll overs are allowed, and the interest rate is  15 percent of the amount loaned.

A 14 day loan will cost you $17.50 and that works out to an APR of 459 percent annually.

The laws are aimed at avoiding predatory  lending practices. Because of the many choices of lenders in California we suggest you make sure the one you choose to do business with is on the up and up.

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Payday Loan Laws In the state of Arkansas

October 24th, 2012 by Shawn Martin


Arkansas State Flag
Arkansas State Flag

The payday loan laws in the state of Arkansas are unique and rather disheartening to the borrowers welfare. While payday loans are technically illegal in Arkansas, they are still in business and growing by the day.

Arkansas law prohibits any lender to charge more than 5 percent annually for and given loan agreement.

Since the APR of  payday loans is usually around 390 to 780 percent annually, yes, you read that right, this makes payday loans illegal in this state.

Many law suites have been created out of this law and payday loan companies had to do something about this problem so the convinced the Arkansas legislature to introduce and pass the Act 1216 of 1999, the “Check-Cashers Act,” codified at ARK. CODE ANN. § 23-52-100

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