Fast Cash Advances See New Regulatory Changes

17 August, 2016

Borrowing a small payday loans online has now become one of the fastest-growing cash credit options today. More people are gravitating to them in their times of need and because of this more lending sides have been launched. In fact it’s hard to believe but there are currently more payday loan franchises in operation in the United States than there are Donald’s and Burger King restaurants combined.

However, in spite of these facts that reflect an obvious need for this type of cash credit option, more laws restricting their availability continue to be enacted. Laws that make it more difficult for people to get the money that they need to get them through to their next check. The problem here you see is that it seems is that these sites have cut into the profits of politically connected banks and credit card companies.

This in turn has prompted legislators in several states across the US to intervene by proposing new measures that make it more difficult, not just for the lenders themselves but also for private citizens who find themselves in need of an easy fast cash advance online. In fact some states in the US have gone as far as completely banning them from operating inside their borders, so if you live in one of them, and you need quick money isn’t available.

Then another strategy that some of them have taken, is to place a cap on the amount of money than any one individual can borrow at any one time. For instance in the great state of Texas which happens to have the greatest number of payday loan borrowers you can now only borrow up to 33% of your monthly income. This in spite of the fact that for the most part these types of lending venues cater to low income borrowers who have been cut off from access to traditional community based lending venues.

Than in other states if you go online to borrow, what you’ll find that you’re limited in the actual amount of money that you can borrow from a payday lender. So how much will they allow you to borrow? Would you believe that in some of these states you can only secure a loan of up to $500 and no more? Now the sad truth here, is that it’s not uncommon in these inflationary times for utility bills to exceed $500, so no doubt more people are finding themselves with their electricity cut off now.

Then perhaps by far the most absurd of all these new regulations that are being put in place, is the one in that in some states places a limit on the number of times you may go online and borrow from a payday loan site. Would you believe that there is states right now in the US where you can access a fast cash loan site no more than four times per year? It’s hard to believe but it’s true, and matter what your credit rating or income level is.

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