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State Cash Advance Laws
Posted on Friday, June 17th, 2019 at 9:05 am in State Loan Info
States across America regulate cash advances and payday loans differently. Being aware of the cash advance laws in your state makes you a smart, responsible borrower and can keep you out of financial trouble with lenders. State keep regulations in place to protect both consumers and lenders and make cash advance lending fair for everyone.
More than half of states in the US legalize payday lending. In states where cash advances are legal, interest rates, roll overs, and the length of lending terms are often regulated. Each state has its own degree of regulation in these areas. States like Maryland, Massachusetts, and Pennsylvania cap interest rates through small loan laws which payday lenders must adhere to. These rates can be restrictive, putting many lenders out of business as they can’t afford to compensate their lending risks. Other states have restrictions better tailored to cash advance lenders, monitoring their interest rates to make sure they remain fair for consumers while still allowing lenders to profit and make up for their risk.
Many states ban or severely restrict rollovers. Rollovers are a known cause of consumer cash advance debt and the number one way that borrowers get themselves into trouble. Rolling over a cash loan renews it for another pay period in exchange for paying additional service fees which can hike up the interest rate on a small loan. States limit rollovers to protect consumers from a debt trap. Some states allow only one rollover per customer, while others ban them entirely. If you need help paying off your cash loan, ask your lender about installment plans instead. Laws in many states require lenders to provide alternaltive payment plans for customers who need them.
Cash advance laws are in place to keep payday lending safe for everyone. If you borrow cash advances online, be aware that your online lender is required to follow the cash advance laws in your state, regardless of the state the lender is operating from. Knowing your state laws will help you pick an honest lender online who will follow the rules required.
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