Payday Loans by State
As the “quick cash” loan industry continues to fall under fire to both local and national legal scrutiny many are wondering where these types of loans are still allowed and to what degree. Below is a quick list as of May 2010, which outlines some of the requirements by state for cash advance or payday loan types and allowances.
Redefine Predatory Lending
It seems as if all Payday Loan companies and sites have been labeled as Predatory Lenders regardless of business practices.
Payday Loans – Class Action Lawsuits
The state of Wisconsin District 3 Court of Appeals ruled that payday loan lenders cannot require their customers to waive their ability to be part of a class action lawsuit as criteria to receive a loan from their establishment. It was stated by the courts that this would be a violation of the Wisconsin Consumer Act, as the ability to join a class action lawsuit is one of the few ways available to consumers to protect themselves from unfair business practices.
To cash advance or personal loan
Personal loans are used generally to cover an anticipated expense. On the other hand, cash advances are used to cover sudden emergency expenses, such as an unforeseen home repair or car repairs.
