It really was not that many years ago when if you needed to borrow money online from a fast payday loan service it really didn't matter what state you live in. This is because all the rules and regulations governing these loan venues were pretty much the same state to state. However, that was then and this is now. Because now it seems that each state in the US has their own set of laws governing these sites.
For example if you live in the great state of Texas, the state 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 in other states in the US it's even gone so far as completely banning payday loan sites altogether. That is that if you live inside the borders of one of these states you can access the site online but you simply can't borrow money from them. Now of course the laws don't prevent you from trying but what ends up happening, is that you'll be denied because you live inside the borders of one of those states.
So they just what are the reasons behind all these new laws and regulations that make it so difficult for people who find themselves in need of money during this recent recession? Now if you were to ask the politicians who are passing these new laws they would tell you that they're all for your own protection. That they're looking out for your best interests. But really, just who are they looking out for?
There's a whole lot of anti-political corruption activists out there who would tell you that it's their campaign contributors that they're protecting with these stringent new laws. Powerful corporations like credit card companies, banks and credit unions that have endured profit losses as increasingly more of their customers are turning to borrowing online instead. Even so, despite of this disclosure more stringent laws continue to be proposed.
For example if you live in the great state of Texas, the state 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 in other states in the US it's even gone so far as completely banning payday loan sites altogether. That is that if you live inside the borders of one of these states you can access the site online but you simply can't borrow money from them. Now of course the laws don't prevent you from trying but what ends up happening, is that you'll be denied because you live inside the borders of one of those states.
So they just what are the reasons behind all these new laws and regulations that make it so difficult for people who find themselves in need of money during this recent recession? Now if you were to ask the politicians who are passing these new laws they would tell you that they're all for your own protection. That they're looking out for your best interests. But really, just who are they looking out for?
There's a whole lot of anti-political corruption activists out there who would tell you that it's their campaign contributors that they're protecting with these stringent new laws. Powerful corporations like credit card companies, banks and credit unions that have endured profit losses as increasingly more of their customers are turning to borrowing online instead. Even so, despite of this disclosure more stringent laws continue to be proposed.
About the Author:
Learn more about online payday loans. Stop by Frank Scherer's site where you can find out all about NH payday loans and what these can do for you.
