We have had a few inquiries about State laws for instant payday loans online in California, Florida, New York, and other areas of the country, which rather surprised us. Still, if you are looking for a cash advance loan or other instant cash loans online or off, being well informed is the same as being well armed. If you need to find the best deal on instant cash loans, we believe that you should at least have all of the most relevant information at hand.
We believe that you should have all the proper information regarding Instant Cash Loans in your State before you commit to any offer from lenders. This article is just one of a new series that we will be presenting here, regarding State and Federal laws regarding Payday Loans and other instant cash loans online.
Is This Article Giving Legal Advice About Instant Payday Loans Online?
LEGAL DISCLAIMER – WARNING: We are not lawyers and none of the information contained on this website should be construed in any way to be legal advice in any sense of the word. All of the information contained on this website is for informational purposes only.
If you need legal advice regarding instant cash loans online or off, please consult professional legal counsel. While this site has made every effort to ensure the accuracy of this data at the time of this writing, its accuracy cannot be guaranteed in any fashion, express or implied.
This article is the first in a series of informational content about same day loans online, instant cash loans, and other payday advance loans regarding individual State laws, federal regulations, and other information designed to help you to find the best payday loans online or off.
The purpose of presenting this information directly to the consumer is to allow the consumer to be more well informed, and to ensure that they always get the best deals on payday loans. It is part of a series of articles to provide you with money-saving tips and other information to help you back on the road to financial prosperity, while at the same time, making sure you know your rights in regard to same-day lending practices.
What is the Truth in Lending Act?
The Truth in Lending Act is part of the USC or United States Code, more specifically, Title 15 U.S.C. §§ 1601-1667f, as amended, also known as Title 1 of the Consumer Credit Protection Act. The Truth in Lending Act grants the FTC or Federal Trade Commission to provide statutory regulation for non-traditional loans and lenders, including payday advance loans and other instant cash loans both online and off.
Furthermore, individual States may choose to enact and enforce additional statutes, regulations, and/or other measures of enforcement and control over payday loans and other same day loan options for borrowers. That being said, the Truth in Lending Act has been amended on many separate occasions as the need arises, and as the circumstances of lenders and same day loan borrower’s merits reconsideration.
What are the Different Types of States for Cash Advance Loans?
As a rule, according to the PEW charitable Trust, States are divided into three separate and distinct categories in terms of Payday Loans and other Cash Advance Services. Each classification is listed here with a brief explanation.
- What are Hybrid States for Payday Loans – The hybrid States are those which are based on general guidelines more than specific laws and provide a greater leeway for the lenders in terms of provisions for offering both instant cash loans and long-term installment loans such as car loans, mortgages.
Instant Cash Loan stores are made available in these States but may not always offer the best deals on payday loans and other same day loan options. Finding instant cash loans online may be a better choice, even for those people living in a hybrid State.
The basic standards for Hybrid States are as follows:
- Base interest rates are generally preferred at around 10%, although annual percentage rates may still rise to over 100%
- Borrowers may be eligible for multiple payments for the return even of short-term installment loans such as same day loans and other instant cash loans
- Borrowers may be restricted in the number of loans made available to them
- Same Day Loan Stores are allowed in Retail outlets
- What are Permissive States for Payday Loans – The permissive States also allow you to find nearby payday loans in retail outlets, but as we have noted, these may not always be the best bet for getting cash immediately. In order to get the best possible deals on same day cash loans, you should do at least some shopping around.
- Interest rates generally begin at roughly 15%
- Annual Percentage Rates or APR tend to be higher for bad credit loans than they would be in more restrictive States.
- Instant Cash Loan Stores are allowed as Retail Business
- What are Restrictive States for Payday Loans – The restrictive States have the most prohibitive laws in place, though even so, bad credit loans may still be expensive. While the restrictions in place may be beneficial for the consumer, they tend to make business lending ventures less profitable. This tends to make it more difficult to find direct access to payday loan stores near you but finding instant cash loans online is still a relatively easy option.
- Have Small Loan Caps in place limiting the amounts that can be loaned, and the interest that can be charged
- Annual Percentage Rates may not exceed 36%
- Retail Instant Cash Loan outlets are allowed, but only to a very limited extent, meaning online payday loans are going to be available and may still be the best option for getting cash instantly