Get a Faxless Payday Loan Today
Easy Online Payday Loan is the #1 site you can count on for all your faxless
payday loan needs. When you need a payday loan, think of Easy Online Payday
Loan!
Our remarkably fast and simple form is what sets us apart from the rest. Our
lending partners require that you are at least 18 years of age, maintain a
regular source of income, and have a direct deposit system set up with your
local bank. If you meet the qualifications listed above then you may be on your
way to getting the cash you need - get started with us today!!
What is a Faxless Payday Loan (No Fax Cash Advance) ?
A payday loan is a short-term loan to cover your spending needs. It is secured
against your future paycheck. These loans have grown in popularity for years,
and now this is the main tool of assistance to get you out of that sticky
situation or get you that new luxury toy.
Your transaction information is completely private. What you provide to us stays
with us! No one will ever know you took out a loan.
Payday Loan Reforms in Law
In the past several years, the amount of payday loan lenders has sky rocketed.
More payday loan lenders have developed because of the profitable return rate on
their short term loans. Since the service is so convenient, many companies have
cashed in on the idea of payday lending. However, the rapid growth in lenders
has caused Congress to enforce laws to prevent payday loan companies from taking
advantage of their vulnerable customers.
First, the government pushed for states to put caps on interest rates. However,
several states deregulated the caps in fear of lenders moving out of state.
Although the caps seemed beneficial to consumers, many lending companies were
including hidden fees into the loans. This caused a reform, which balanced
Congress’ intervention and state governments push for deregulation.
Each state falls within one of the three categories of loan regulation. The
first category ensures that all payday lenders follow the state’s small loan
laws. Usually, under these laws the interest cap is set low-usually less than
36%. Also, these laws regulate lengths of the loans, along with prohibiting
contract revisions by the lenders. This category of payday lending makes it
virtually impossible for companies issuing payday loans to make profit. It is a
way for states to force payday lenders to be fair to their customers.
The second category includes the states that allow lenders and consumers to
agree on any interest amount. Each lender can modify their interest rates as
long as the borrower consents to that amount. However, states that follow
category two still always abide by the state’s small loan acts.
The third category allows payday lending, but puts certain restrictions on it.
The states that abide by category three have maximum interest amounts. For
example, North Carolina can only charge up to 15% on a maximum loan of $300. By
setting maximums, the government is able to regulate how much consumers are
being charged for lending services. Also, by setting a maximum loan amount, the
government can regulate how much debt a person can be in with a lending company.
In every category, there are laws that protect the borrower from spiraling into
long term debt. The government intervention has helped many people from becoming
over their head in debt, while still allowing them cash advances if they need
them.
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