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Payday Loan Industry News
27 April 2008
Payday Loan Control - Early this month, the provincial government tabled legislation to curb abusive payday lending practices. The way it works is payday loan operators lend cash to people who in turn pay a fee and interest on whatever amount they take.
Read More Payday Loan Control

25 April 2008
Payday Lending Limits - A bill that would have placed reasonable limits on payday lending to protect some of South Carolina's most vulnerable residents is at risk of being significantly weakened by changes suggested by a House subcommittee.
Read More Payday Lending Limits

21 April 2008
Virginia Town to Fund Payday Loan Education - Alexandria City Council member, Justin Wilson, has proposed a new tax on payday lenders. This money would help fund consumer education services provided by the city.
Read More Payday Loan Education

19 April 2008
Gubernatorial Candidate Pushes For Payday Loan Restrictions - Missouri gubernatorial candidate Jay Nixon, continues his push for proposed payday loan restrictions..
Read More Gubernatorial Candidate Pushes For Payday Loan Restrictions

18 April 2008
Money Mart Ok with Manitoba Interest Rates - Manitoba Public Utilities Board has set a maxixmum cost for payday loans up to $500 at 17 Percent. Also providing lower rates for those on social assistance or employment insurance.
Read More Money Mart Ok with Manitoba Interest Rates

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2 May 2008

Ohio Bill to Push Payday Borrowers Online

As Ohio Legislation begins to put the squeeze on payday lenders, you can expect to see a rise in online payday loan activity. The legislation would cap the payday loan interest rate at 28%. Meaning payday lenders in Ohio could only charge $5 interest on a $500 loan. This makes no economic sense for the lender to take on the high risk for such small return.

Opponents of the bill says this could cost 6000 jobs in the Ohio Payday Loan industry.

This is all great, but these actions does nothing to curb the need for cash advances! People will still need quick loans for unexpected events. Where will the good citizens of Ohio go for payday loans when all of the advance lenders have closed?

They will hit the Internet look for the cash they need. Online cash advance loans and payday lending will see a sharp rise if states continue their attack on advance lenders.

Online Payday Loans will continue to rise for a number of reasons.

  • State Legislation capping interest rates.
  • The privacy getting a payday loan online offers.
  • Convenience applying for a loan at home provides.
  • Growth in technology that has made it easy to get a loan online.

In short, States can try to curb cash advance - payday loan lending all they want. It will not stop the need for fast cash.

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