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Discussion in 'Growing and Managing a Business' started by Mbright, Oct 2, 2014.
How are payday loans regulated?
Thank's & Best Regards
Payday loans in Australia help some people to urgently needed money before the next pay packet. Non-bank lenders, known as payday lenders, make short-term loans to people willing to pay a higher interest rate and/or fees associated with the loan.
I Googled "payday loan regulations", and I found some regulations for the United States. You don't say where you are from, so these may not apply. The regulations cover the amount of the loan, the term of the loan, and the interest rate. Each state has their own regulations. The amount can range from $300 to $1000, although some states allow loans as small as $50, and Oregon's maximum amount is $50,000. The term can range from 7 days to 60 days, but Illinois has a maximum of 120 days, Colorado has a minimum of 6 months with no maximum, Utah limits rollovers to 12 weeks, and some states don't have any. Finance charges can be from 2.75% to 20%, Colorado's accumulated finance charges cannot exceed 45%, and in Missouri the accumulated finance charge can go as high as 75%. More information can be found at the following link:
Payday Lending State Statues
Depends in which country you reside in. In the UK, they are unregulated in some ways as they are generally small loans of between £100-£1000. However with issues such as Wonga etc it is only a matter of time before they become regulated.
Payday loan is regulated by this new rules for lenders. Firstly, there are limits to the amount you can borrow, this comes at a cost and can quickly lead to a small short term loan turning into a hefty loan term debt. Second is stopping lenders from trying to collect payment more than twice, lenders should tell when they plan to take payment and how much it will be or if you want, you can take 3 month loan and pay it back early, with no penalty or fees. You can only borrow just for a weekend and pay only daily interest, this is the service that I’ve tried before and really effective.
Payday loans are regulated depending on the lender and most especially the country that you are in. One thing is for sure; it is likely to be your best solution when it comes to getting the cash you need. There are companies that give people exceptional service regarding loans.
Payday loans in Canada are permitted under section 347.1 of the Criminal Code of Canada, so long as the province of the borrower has enacted sufficient provincial legislation concerning the provisioning of payday loans.