Instant Online Payday Loans: Whats New In Your State?

It really wasn't all that long ago when all payday loan services online had to play by the same rules, no matter what state they were located in

. Also there was no one telling you the borrower what you could and could not do when it time for you to get a fast online loan. Of course there were some regulations but they were all pretty much the same from state to state in the US. In recent years though, so much of that has changed.

For example, there is a state in the country that also happens to have the largest number of people who regularly borrow from online payday lending sides, there is one new law that you have to abide by. That law stipulates that when you go to get an online fast bad credit loan you can borrow no more than one third of your take-home monthly pay. That's what you bring home after deductions have been taken out.

Then still yet other states in the US have taken other avenues to limit what their citizens can borrow when they need the money. In those states they simply limit the amount, and in some of them it's down to is little thought as $500 per loan. Then some have even gone further than that by also restricting borrowers to only four loans per year. After your fourth loan, you're simply cut off.

Then if that isn't restrictive enough, it goes even further than that. Would you believe that in some states in the US now you are not allowed to borrow from a payday loan site at all? Well it's true because they've been banned completely. Of course you can still access the site online, and apply if you want to but if your information shows that you reside in a restricted state, your application will simply be denied.

So now you may be wondering why so many of these types of laws are been enacted in a so-called free market economy. The truth is that a lot of people are, and what the politicians are telling their constituents is that they're doing it for their "own protection". That they're looking after them by preventing them from going into debt when they're short on money. But really? Just who are these crafty politicians really looking after?

Industry insiders and anticorruption activists are all pretty much in agreement that it's not their constituents that these politicians are looking after when they enact these laws. So who are they protecting then? Of course they won't admit it but there a lot of angry people out there who insist that it's wealthy campaign contributors in the banking and credit card finance business that are really being protected here.

Copyright (c) 2011 savvycontent.com

by: Andrew Scherer

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