When it comes to Nebraska and payday loans it seems like this state is doing it’s best to change the laws despite huge efforts from the payday loan lobbyists to stop them.
We here at Help With Payday Loan Debt are very pleased with the state’s efforts.
There are new laws taking effect that will make payday loan companies follow strict terms when it comes to giving out payday loans and this will help the borrowers from getting in over their heads with these loans.
Payday loan companies are notorious for giving out multiple loans and larger loan amounts than people can afford to pay back and this is just not right as it traps the poor and is considered taking advantage of the disadvantaged!
Let’s take a look at what is happening in Nebraska and how it will affect the industry and the customers who may be thinking about taking out one of these loans.
Need help with payday loan debt in Nebraska or any other state?
Wisconsin’s payday loan laws are pretty much open to abuse of the borrowers.
While Wisconsin does not limit much it does have certain rules that must be followed according to the small loans laws, but most payday loan companies do not follow them.
There are no limits on the amount you can borrow, or how many payday loans you can have at one time.
There is also no time limit on payday loans in Wisconsin. These practices can lead to huge payday loan debt in a short period of time.
Another way to get caught in the payday loan trap is to roll over your payday loan.
This state has no limits on this, and each roll over leads to huge interest and fees, which Wisconsin does not limit also. The loan companies are allowed to charge whatever rates the customer agrees to pay.
There are too many red flags to ignore when choosing whether to take out a payday loan. Make sure if you choose to use these services you read all the fine print and pay off your loan on the first due date in full.
West Virginia payday loan laws were passed to discourage these companies from doing business in this state.
They must follow the small loan and usury laws. Since these laws are substantially below the payday loan industry norm, most online and brick and mortar payday loan companies are doing business illegally.
This means that basically anything goes. If you live in this state be very very careful doing any kind of business with these companies.
If you currently have a payday loan in West Virginia please contact us and we can help you determine if they are following the rules set forth for this state.
If your loan turns out to be in order you still need to pay it off in full and in the future try not to use these services.
The state of Washington payday loan laws for the general public and the military are different.
Lets take a look at the public’s rules first.
The maximum time allowed for a payday loan is 45 days, and the loan cap is $700.00 There is no limit on roll overs or how many loans a person may have at one time.
One must be very careful not to get caught in the payday loan trap by having more payments then they can afford.
Interest rates in Washington state are 15% up to $500.00 and 10% of the principal in excess of $500.00. This can lead to huge APR’s.
In order to avoid huge interest and fee charges when using payday loan services, you must understand how they work.
They are set up as one time emergency loans and when taking one out only take out what you need and can pay back in full on the first due date. This is the only way to avoid incredible fees and interest.