Payday loan laws

Payday loan laws

Filed under Payday Loans

Jan 2

An interesting thing happened at the beginning of this New Year. With the new year came a new law in the state of Virginia. It’s a clever way to try and put payday lenders out of business. Here it is in a nutshell.

Basically, anyone borrowing money at an APR that is higher than 100% or something like that can get into a no interest finance plan. They can refinance the loan either on or before the due date. How does that hurt? APR is higher than that for any payday loan. Meaning anyone can walk in, get a loan, then say “I would like to refinance and enter into a no interest payback plan now.”

The best way to get payday loans is by going online now. States like Virginia are going to keep enacting stupid laws to try and curtail business. Last time I checked, we are in a recession here. Wouldn’t you want to encourage business and lending at a time like this to jump start the economy? Yet legislators would put an entire industry out of business if they could. And for what? To protect people from themselves? Drinking is legal, isn’t it?

Laws about payday loans and cash advances are going to keep coming, so do not think that will change anytime soon. Just remember, if you need a payday loan, use it responsibly and pay it back on time. Do not borrow too much so that it is hard to pay off. They really are greaet products there to help you when you need it.

Tagged as: Payday Loans

1 Comment