December 5, 2008, Newsletter Issue #35: Loan Restrictions in Different States

Tip of the Week

Where you live has a lot to do with payday loans and what kinds of restrictions you’ll face. While you can apply for a payday advance in all 50 states, there are different rules, legislation and restrictions that involve your repayment terms, maximum amount of money you can borrow and fees and finance charges.

For example, if you’re a California resident, you can borrow money for up to 31 days, but you can only borrow up to $300 at a time. You also could be hit with 15 percent of the amount of the loan in interest in fees. This changes drastically if you are in Delaware. Borrowing in Delaware, you have up to 60 days to repay the loan and can borrow up to $500 at a time. However, there is no limit to the fees and finance charges that lender can place on you. Lenders can charge whatever they want and you can either accept it or try somewhere else.

Georgia is another state that differs dramatically. In Georgia, you can’t borrow under $3,000. Chances are, you don’t need that much in a small emergency. In Missouri, you’ll face outrageous finance charges and fees up to 75 percent. No matter where you are, there are variations. Also, usury laws play a key in the fees and other aspects of payday lending.

States like North Carolina, Washington and others could have you paying 300 percent to 500 percent APR if you repay on time. With cashloansource.com, all you have to do is go online, find the right lender in the right state with the best rates and get your money quickly without getting taken advantage of!

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