Payday Loans Cash Advance!

Congress is considering several bills dealing with the banking industry.

One of them would cap interest rates on loans at 36 percent APR.

While it`s meant to protect consumers, it may shut down businesses like pawn shops that offer payday loans to people who may have no other way to get the money they need in a pinch.

If your car breaks down, and you need a few bucks to make it through to payday, a two-week loan with a 20 percent fee may be the cheaper route to go, rather than bouncing a check. In fact, many North Dakotans do it. The state has $1.7 million in outstanding payday loans, and pawn brokers like Jay Couture say it`s a necessary service. (more…)

Payday loans are the method of choice for millions of consumers whenever a financial emergency arises, as they offer quick cash in times of need, and are easy to apply and qualify for. So why are so many people bashing the payday loan industry? It’s simple, really. They see the unlawful actions of a few and assume that everybody is doing the same things - not disclosing terms, taking advantage of borrowers with usurious (excessive) interest rates, or in some unfortunate cases, requiring money up front; these loans are referred to as “advance fee loans,” which are Internet scams that have snookered hundreds of victims. (more…)

Research from Moneysupermarket shows the take-up of short-term payday loans has seen a massive upswing, increasing by over 55% since September.

The price comparison site said the rise in payday loans is astronomical and symbolises just how

difficult people are finding it to cope day to day. As disposable income is being squeezed through increases in the cost of food, fuel, utilities and general living necessities, these loans are being increasingly used to help those on a tight budget. (more…)