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Which States Don’t Allow Payday Lending?
There are 13 states that banned short term loan lending. That includes Arizona, Arkansas, Connecticut, Maryland, Georgia, Massachusetts, New York, North Carolina, New Jersey, District of Columbia, Vermont, West Virginia, and Pennsylvania.
What Led To The Ban On Payday Loans in Those States
This doesn’t mean a payday loan is an offensive affair. These states seem to have been unsuccessful to act according to the laws and they failed to create an organized payday lending system and failed to pick and solve the loopholes in their agencies.
Some payday loan lenders have exploited the short term loan system and imposed the interest rates as they wish. Their interest rates skyrocketed and this led to the downfall of their companies and their respective state governments to impose the ban on the concerned payday loan companies.
The States That Permit Low-Cost Payday Lending:
There are three state boards that allow payday loans but at
the rates lower than typical rates in the United States.
Maine
is one of those. Its state board permits 30% interest rates.
But it permits 261% annual rates per annum for two-week loans
of cost $250 and above.
New Mexico
introduced an interest rate of 175% and also extended the
minimum loan time to 120 days. They also permitted 4 payment
spread instead of a single payment at the end.
Oregon
permitted a one-month payday loan at a 154% interest rate and
for any other loan, a 36% interest rate was imposed.
Despite the concern of state boards on the ban of payday
loans, there is no federal ban on them. Many
alternatives to payday loans
started to rise and thus helping people who are struggling in
an emergency financial crisis.
If the short term loan lending system is organized, then the
payday loans are the best way to fulfill your cash
requirement.
We at CashUSA247 have a formalized lending system of
installment loans and we levy interest rates that prove
convenient for our customers to repay. You can also extend
your payday loan date with considerably best interest rates
from the direct lender. Apply for
legitimate payday loans
at trouble-free interest rates at CashUSA247 and get your cash
deposited within 24 hours.