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Payday Loans In Different Laws In Different U.S. States
Payday loans have recently become a thriving business in the United States. However, many people have lost a lot of money in terms of high interest rates, high fees. Others have had a series of loan can not get off the hook. To protect people from falling into economic chaos, several countries have developed different laws or prohibit or restrict the activities of loan providers payday. Some of these movements in the state are presented below. DC, District of Colombia have passed legislation in 2008 that only the highest annual interest rate that the loan company payday can load the state of 24%. This is the rate that the same law provides for loans granted by banks and credit unions
Therefore, all lenders have the same interest cap for all loans. In addition to the limits of interest are the providers of payday loans in DC also needs to have a license to operate in the state. After the 2008 law made it impossible for payday loan providers that operate in DC and all the payday loan providers have come out of their business from the district. Georgia State of Georgia, is one of the first state to place bans and restrictions on payday loans. The State Administration have actively sort to have the payday loan companies out of their state affairs for the last century. However, various federal legislative loopholes and other inefficiencies, it was difficult for States to completely eliminate the payday loan operators in the U.S.
But in 2004 a state law passed and it is classified as a crime payday loan, paving the way for class actions. This effectively ended all the payday loan business in the state. New Mexico to protect against excessively high interest rates and loans payday loan cycle, New Mexico State placed the state laws that cap the amount of payday loans you can make any person, the amount of Fees may apply to the loan and prohibits immediate roll on the loan, which requires a pause of 10 days between two successive loans. They also provide a guaranteed 130 days of extension of loan repayment to any person who is unable to deal with the repayment agreement of its
They also place a cap on the amount of loans that can be sent to 25% of the income of borrowers. North Carolina, North Carolina adopted a state law in 2006, which actually does all payday loan companies located outside North Carolina illegally. They also provide payday loans illegal in the state and negotiated with suppliers operating system payday loan to collect all outstanding loans without making new ones. South Dakota or Delaware, South Dakota and Delaware are among the states do not have regulations on payday loans are concerned. The states have no usury laws or any other state law dealing with the payday loan company. For this reason, payday loans in South Dakota, payday loans in Pennsylvania and payday loans in Delaware successful business
There are other payday loans in South Dakota and operators of payday loans in Pennsylvania, operators seeking to offer emergency loans to Americans from other states through online applications. Thus, they can not escape the law against usury and charging interest, as is usual for payday loans.