We recently received some questions from a couple of website visitors inquiring about the relevant laws for Payday Loans in California and Florida. Since it is such an important question and good information to know, especially if you are looking to be able to find the best instant cash loans online, we decided to make a series out of it, and discuss the laws in virtually all of the different States.
This, by necessity, also encompasses some federal laws and regulations regarding same day loans online and offline, so we will be doing many different overviews in that regards as well. It needs to be stated however, that the material provided herein should not be considered legal advice in any form, express or implied. If you need professional legal assistance regarding any matter, please consult a licensed and practicing Attorney at Law.
Every effort has been made to ensure that all of the data provided herein is correct at the time of this writing, but governments have a tendency to take matters into their own hands, and to do whatever it is they do, sometimes without letting people like us know. Thus, please remember that the information contained herein is for informational purposes only.
Technically, and to a large degree legally, even the biggest and best instant cash payday loans in the US are regulated at the State level. There is however, at least some consideration in terms of Federal law involved as well.
Among the most well-known federal laws for same day payday loans in the United States is the Truth In Lending Act and the Consumer Credit Protection Act. These laws are codified in Title 15 of the USC United States Code.
These federal laws for instant cash loans are more intended to establish basic guidelines for implementation of State laws however, as ultimately the rights of the independent States to determine their own laws for payday loans remains.
Most States have recognized the need of the working class and lower-middle class, and even the impoverished to find immediate cash loans to help them out financially. Unfortunately, yes, not only can States ban same day loans, but many have. This is part of the reason that even our services working as a liaison of sorts, are not available in many States.
What States have made same day payday loans illegal?
At the time of this writing, the following States have made same day payday cash loans illegal:
- New York
- West Virginia
For payday loans in any other States, you can sometimes find retail outlets near you for instant cash loans and can always get access to same day online loans when you need a little financial help to get through to the next payday.
Many States have banned Online Payday Loans and off because they are viewed as an impediment to the borrower. Conversely, it would only be logical and reasonable to conclude that banning the same day online loans would help the people to enjoy a better level of credit, and to reduce the problems currently so prevalent in long-term and short-term installment loans.
The reality however, is much different, as has been evidenced by many different opinion pieces and even full scientific and sociological research about same day payday loans online and off. According to one report by Science Direct, the opposite is largely true. In fact, scientific studies about payday loans have revealed that delinquencies and bad credit remain just as prevalent in these States, with many of these people enduring a lower median quality of life.
All of the State laws for Payday loans online and off, are unique to the independent States, based on the actions taken and legislation enacted by their state governments.
Over the course of time all of the individual laws will be posted and commented on in these pages, but it is a comprehensive task requiring extensive research, confirmation, and legal subtleties that have to be addressed. These resources are all readily available but can be difficult to find in one place. For anyone who has ever had to try to find the best deal for payday loans online or off, it is always a good idea to have the relevant information at hand.
Many of the Native American Tribes have established and expanded their internal financial assistance programs to include access to just about anyone living within the United States. It should be noted though, that even the tribal payday loan lenders have to largely follow State laws and are still prohibited from offering same day payday loans in States where instant cash loans have been made illegal.