Paydayloansonline.net Publishes State-by-State Guide on Payday Loans

DETROIT, March 12, 2013 /PRNewswire/ --

PaydayLoansOnline.net announces the publication of guide to the regulation of short term loans across 50 U.S states and the District of Columbia. The guide includes the legal status of the loans, their length, and minimum and maximum fees.

In the aftermath of considerable statutory changes to state laws within the U.S. on payday loans and short term loan regulation, PaydayLoansOnline.net has taken the decision to compile and publish an easy-to-follow guide on the current state of play.

The leading independent pay day loan comparison site has made the free guide available order to help Americans understand at a glance if they are living within a state that allows pay day loans and, if so, what the total length of the loan can be and the maximum fees and charges that will apply.

Pay day loans are short term loans made available from 7 days to a few weeks and are repaid on or after the borrower's next salary cycle. Cheque cashing or deferred deposit transactions are also classed as pay day loans in some states.

38 states have specific legislation allowing short term loans, limiting the total amount of possible interest charges and fees as well as defining the parameters of loan terms and repayment periods.

Payday loans are prohibited in Arizona, Arkansas, Connecticut, the District of Columbia, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont and West Virginia.

PaydayLoansOnline.net made the announcement in the following statement that was released to the press.

"There have been dozens of changes to state statutes over the last 18 months, leaving many consumers uncertain as to the legality of short term loan where they live. PaydayLoansOnline.net has decided to clear the confusion by putting together a user-friendly guide on each state and the current rules on short term rules."

"We want consumers to feel empowered to know the law and how it protects them before undertaking an emergency loan. In many states there are legal limits placed on charges and fees, with some expressly forbidding lenders from charging interest on loans. We invite consumers to read our guide to be sure about their rights and enforce them before accepting any loan offer."

PaydayLoansOnline.net offers fast online comparison of local and national lenders that can pay short term loans electronically. Use the free service and read the guide at: http://www.paydayloansonline.net/state-by-state-guide-on-payday-loans/

Sam Milo:
Tel: +1-678-666-0100
[email protected]

SOURCE PaydayLoansOnline.net