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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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Payday Lender - Pay Day Service

Payday Lender Information:
There are many pay day loan services a person can go to for a loan. These lenders normally offer loans from $100 to $1500. The amount a Payday Lender will loan will vary based on state laws and their own lending requirements. Most first time pay day loan borrower should only expect loan amount to be in the $100 to $300 range.

You may be asking yourself, "Why are they saying they will loan $1500 when I may only get $300?"

Here are the 2 main reasons why.

  • Most Payday Lenders do not do check credits. The asumption here is, the borrower has bad credit.
  • A Pay Day Loan is unsecured. So, there is a higher risk to the lender for this type of loan.

Here is the Payday lender's thinking on these 2 points. The person applying for a pay day loan most likely has no other sources of credit. It is then assumed, the borrowers most likely has poor or bad credit. This points to a poor repayment history. This equals high risk to the pay day lender. (This is also why your interest rate will be high) The pay day lender wants to be sure you will pay on time before they will borrow you $500 or more.

The only way for you to have access to these higher credit limits is to create a positive history. It may mean 2, 3, or even 4 completed pay day loans before you will qualify for these higher amounts.

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