Question:
Are payday cash loans unregulated with hidden fees?
Myth: A Payday Cash Loan is Unregulated and Has Hidden Fees
This myth is incorrect. 37 states have very succinct regulations concerning a short term payday cash loan. These states with regulatory provisions have legal consumer guides that monitor and control the maximum and minimum amounts received through a payday cash loan, as well as the length of time and interest rates.
The payday cash loan facility is required by law to disclose any application fees, interest rates and other fees. Hidden fees are not allowed by members of the CFSA, the payday loan organization's governing board. According to the CFSA, the Truth In Lending Act is a legal requirement and all fees and rates must be clearly outlined and disclosed to the customer. However, it is important to realize that a payday cash loan institution is not a bank or credit facility.
The CFSA has also been highly involved in assisting state boards with creating and maintaining payday cash loan regulations which can satisfy the immediate emergency needs of American families. If you find that a local or web-based payday cash loan institution is not adhering to your state regulations, please contact the CFSA and your local police department.
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| Sheri Ann Richerson |
