What has more stores than 7-Eleven, McDonald's, Burger King and Subway combined in your town?
Depending on your state laws, Payday Loan Stores are showing up everywhere. In most states there are more payday loan stores on the busy street corners than 7-Eleven, McDonald's, Burger King and Subway stores combined. The payday loan business model is built on being convenient and fast, giving one reason why payday lenders have become the "Quickie Marts" of the financial loan world and have showed up everywhere to offer fast service that a family member or traditional banking institution are unable to provide. Not surprisingly, many are open very late. Very few stores are open 24 hours. Unfortunately, if you are unable to find such place open many customers are going to the web which is always open 24 hours as long as your state laws permit the loan.
One such Payday Loan company online, Payday Loan Today, currently states on their website that they DO NOT currently provide loans to these states: Georgia, West Virginia, New York, Massachusetts, or Kansas.
Industry watchers say one reason so few payday lenders may not do business in these states is that they have unfriendly laws for the payday loan industry. As of now, there are thirty-nine states that have friendly laws for residence to receive an advanced payday loan. Ten of these states allow no cap interest rates on their fees and two states allow no maximum amounts for these short-term loans.
Roll Over Rules
The state of Utah for instance has among the highest limits for roll over fees or extending loans at high interest up to 12 weeks. While other states have different rules for governing roll over fees on payday loan companies, the PaydayLoanToday.com model is the only that claims to not take advantage of their customers. They state they are different here:
Apply for a fast payday loan between $150 to $500. PaydayLoanToday.com works closely with their customers after 6 months to pay back the principal of their loan in order to reduce their customer's roll over fee structure to nothing. Another added benefit Payday Loan Today provides is that their customers receive a no fee loan up to $200.00 for 30 days.
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Mark Travis writes articles for Payday Loan companies such as PaydayLoanToday.com. Visit them for all your
fast payday loan and
Cash Advanced needs.
