Payday Loans Without A Paycheck or Job

Yes, you are reading the headline right.  How can lenders give payday loans without a paycheck or job?  That is exactly what is happening in North Carolina.  NBC news affiliate WCNC is reporting that they investigated over a dozen payday loans lenders that are on a single street in Charlotte North Carolina and all of them said they would give a payday loan to a person who has an unemployment check.  This means that a person who is not working and does not have a job is able to borrow money, and they are getting cash based on the limited income they receive for unemployment.

The report then went to the state laws to see if it was legal or not, and to their surprise it is completely legal.  Which means a person doesn’t even need to have a paycheck to get a payday loan.  Not sure if this is the right thing or not, but certainly needs to be looked into more. 
Continue reading…

Short-term Loans versus Credit Cards

There has been a lot of reports out over the past few weeks about the short-term loan industry and the new laws and regulations that many states have been putting on the books.  In most cases there restrictions are put into place to do two things.  One, is to protect consumers from what is called predatory lending practices, and the second is to protect the state from lawsuits and bailouts.  However, the first reason is somewhat short sided and is only looking at one industry, while trying to say it’s protecting people from predatory lending.  However, the big gripe that I have is where are the restrictions and protection for people against predatory lending in credit cards.

Credit card companies to me are worse than short-term loan companies.  There are few reasons for that and I’ll explain them below in detail.
Continue reading…

State Laws Moving In On Payday Loan Industry

Over the past year or so there have been many new regulations introduced into state laws regarding payday loans, short-term loans, and cash advances.  Often these regulations and laws are put into place to help protect consumers, as well as to set up oversight on the industry, and in some cases even produce additional  revenue for the states.  However, some states have put laws into effect only to realize that they’ve created loopholes that not only help the industry to continue operating with business as usual mentality, but even hurt consumers in some cases because the lenders moved their practices into open-ended loans where there weren’t as tough of regulations as the payday loan industry.
Continue reading…

House Panel Approves Payday Loan Database

A Kentucky State House Committee approved a bill on Tuesday February 25th, 2009 that would require a database be set up to track all short term high interest loans with the state.  The bill helps to expand on regulations put into place last year by the state’s house that allows up to 2 loans per person at any given time, but doesn’t keep track of the loans to be able to regulate the bill.  This new bill will help keep track of the loans and make sure that companies and individuals are complying with the law that was put into place last year.
Continue reading…

There are two parts to this question that most people would want to have an answer for.  Many people get online payday loans everyday, and it’s now a fact of life.  Although they are not always the first choice in emergency financial situation, they are a good reliable option for those that need cash in a hurry.  However, there are times when for what ever reason, a person is not able to meet the obligations of the loan.  This can be from a job loss, cut back in hours, reduce income, or a slew of other reasons,
Continue reading…

How Payday Loans Work Online

It happens to everyone. There’s just enough money to pay the month end bills then all of a sudden the car breaks down, the family pet gets sick, and the cost of milk just went up again. Now, strapped for cash, the mortgage is due and the funds are used up. What to do? If emergency funds are dry – or non-existent, one consideration is a payday loan. A payday loan, if used wisely, can help stave off late payment penalties, bruised credit, and more. While also convenient to obtain, it’s important to know exactly what’s involved with taking out a payday loan, and how payday loans work online.

Read More About How Do Payday Loans Work

It happens to everyone.  There’s just enough money to pay the month end bills then all of a sudden the car breaks down, the family pet gets sick, and the cost of milk just went up again.  Now, strapped for cash, the mortgage is due and the  funds are used up.  What to do?  If emergency funds are dry – or non-existent, one consideration is a payday loan.  A payday loan, if used wisely, can help stave off late payment penalties, bruised credit, and more. 
Continue reading…