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Privacy Policy

The Privacy Policy given here under is meant to replace any previously published policy on paydaylv.com . Conflicts that exist between any other privacy policy and the current one will mainly mean that the present Privacy Policy or the one mentioned here under is dominant.

Agreement & Acknowledgement

is intended to be used only by people who are over the legal age of 18 and people who are legal US citizens. We urge you to take a few moments to review these terms stated in this present Privacy Policy. By agreeing to use 's services you are automatically agreeing to the policy stated here. If you aren’t in agreement with the terms of this policy or currently are under the legal age of eighteen (18) or not a US citizen then please refrain from using our services.

Change notification to Privacy practices

We strongly reserve our right to update our Privacy Policy in order to reflect these changes we have to make to our existing information practices every now and then. This is why if changes are made to information practices this privacy policy will be revised. We advise you to always review and read our privacy policy every time you visit this website or decide to use our service.

Personally Identifiable Information

At times we will combine and collect PII or Personally Identifiable Information in addition to non-personally identifiable information via a number of sources in addition to the ones we have discussed below. PII stands for data which is collected with the intention of identifying, locating our contacting a person which may include but is not limited to his or her SSN (social security number), your first and last name, zip code, address, driver's license, phone number, work number, date of birth, time of birth, job title, employer's address, employer's name, ABA/ routing number, IP address, pay dates, compensation, name of your bank, direct deposit, loan amount needed, net income each month and computer specifications. Non-PII data is not used to identify, locate, or contact an individual which may include but is not limited to IP address, gender, zip code and age etc.

About Us

The privacy policy comes to you from . Our website is , we operate, interact and do business with our customers through our website, we also maintain our customer database via this website. The database stores information from individual consumers and prospects alike. We make use of a number of third party vendors, numerous media advertisements and third party affiliates to promote our business, so that people know where to find us if they are interested in completing an application online or what to supplement with our database by buying the third party database of various consumers who have opted to complete applications on websites except for our site and have affirmed their request to get information in relations to our services and products. In addition our third party services are advertised via referrals and via PPC advertisements which is geared towards redirecting you to our website. assumes that you agree to our using the PII and also the Non-PII that we collect for the given purposes.

Information is collected and retained about you so that we can communicate in order to process requests in regards to our services and products. We will also inform you of new financial services that we think you may be interested in via our newsletter. All examples contained in the Privacy Policy are merely illustrative and are not exclusive.

OPT-IN / OPT-OUT

Our affiliates and or also our third parties hold the right to promote services and products via telephone, and email to all consumers who have willingly requested to be contacted via our site's application opt-in process also through our Opt-in process by our affiliate sites or third party vendor. Our list members will get telephone contacts or emails until they want to discontinue receiving such information.

We offer the option whereby listed members can also be removed from our contact list whenever they need, no questions asked. In order to get yourself off our information database in order to not to receive communications in the future, you can do any one of the things stated below

  1. You can either email us to support@
  2. Visit and hit the 'unsubscribe' button

However, you need to keep in mind that certain activities on our website is limited to people whose information we do not have. Your email address and your phone numbers that we get via an opt-out request is added to our Do-Not contact list within ten days of receipt.

If we do not hear from you we assume your consent in the way of receiving communications from our company, affiliates and third party vendors.

If any one of our members choose to be removed from the company's contact list, this request will need to be forwarded to the specific vendor or an affiliate who has provided the List Member's information to us so that the member's contact information can be put into the Do Not Contact category. However, you need to remember that if your information was previously purchased via a third party affiliate or vendor we may not be the only company who has purchased your information. Also any affiliate or third party could have purchased this information from yet another third party and so you may still continue to get contacts from those companies. does not bear any responsibility for stopping all unsolicited emails from beyond sources under our control

is a CAN-SPAM complaint company.

MINORS

will not knowing collect any info from kids that are under the legal age of 18. We do not collect information from kids regardless of what happens or what the purpose may be which also includes for promotional and marketing purposes. If you have become aware that a kid of which you are a parent or guardian of has made available private information via our point of contact then we urge you to contact us immediately so that we can delete this information from our records.

Collection and Usage of General Information

will collect information via our site from both existing and prospective customers at many different points on our website. We will use contact information to then send information in regards to our services, and about our company. Users have the choice to opt out of getting this information in their mail in the future. Please check out our Opt-Out/Opt-in section of this Privacy Policy. The financial and contact information that we collect is used to verify your address, name etc. Not every bit of information which is asked for on our site is required but we do need the following data: last and first name, social security number, zip code, length, city, address, duration of stay at present address, your email address, if you have your own home or have rented one, work telephone number, state ID number, ABA/ routing number, job title bank phone number, etc.

Information in regards to your computer's hardware and the software that runs on it is also collected by and could be shared in aggregate with other third parties whose services we use for mostly traffic analysis. Computer related information will include your browser type, IP address, referring website address, access times, domain names etc. This information will help to improve the information and quality of service provided by . We do not use a third party database to update or correct the information you submit regardless of the reason.

Cookies

Cookies are small pieces of data which are stored on a person's hard drive which contains information about them. However, the usage of a cookie is not in any way lined to personally identifiable information when on our website. If you reject the cookie you are still able to view our website but without being able to access to certain features of our website. Our cookies are also used to track as well as target people with things they are interested in which enhances their experience on our website. The cookies which are served i.e. persistent and session based are tied into the Personally Identifiable Information that we provide you with.

A few of our business partners also use cookies on our website for instance advertisers. However, we are not able to control these cookies.

Links

contains a few links to a different websites mostly consisting of third parties. However, we urge you to be aware because is not responsible for other websites and their privacy practices. We ask our users to be aware when leaving our website to always read the privacy statements of every website which collects information from them. This present privacy statement applies just to the information which is collected by even in instances where other sites may be in frame with ours. We may also choose to co-brand a few services with third parties as well as affiliates. It will become clear from the point of collection exactly who is collecting this information and what the privacy statement governs. Let's take for instance without having to limit forgoing, we will co-brand with credit reporting agencies, automotive companies and insurance brokers.

Security

A number of security technologies are employed which help to protect the personal information of visitors to our website from unauthorized use, disclosure and access. An example of this is that we will store personal information that you provide on our computer systems in places which has limited access often located in very controlled facilities. When highly confidential information is transferred over the internet we ensure to protect it with the use of Secure Socket Layer encryption protocol.

Disclosure

cannot fully ensure that all private communications and also the personally identifiable info we have will not be disclosed in other ways which is not described in our Privacy Agreement. For instance we may be forced to go ahead and disclose information to other third parties or the government under certain situations. Third parties could also unlawfully work to intercept our private communications.

However, suffice to say that if you chose to opt-out from any future contact with via the opt-out mechanism given in every email sent to you on behalf of third party services provides and , your email address will be provided to the third party service provider so that this service provider can put your name and your contact information on their own DNC (do not contact) list.

reserves the right to buy other businesses or purchase assets as we develop or even sell our existing business assets. However, customer information tends to be the most important asset involved during these transactions. This is why in the event that we i.e. sell our assets it will include customer information, visitor information and other pieces of information collected via our website. For further information on this please see our "Notification of Changes" section of the privacy policy.

reserves the right to be able to disclose all or some member information in situations termed as "special cases" i.e. when we have reasons to believe that the disclosure of this information is imperative to contact, identify and to bring legal action to anybody who is causing interference and injury. also fully reserves the right to be able to disclose visitor / member information in good faith when the law needs it.

By law we are required to disclose personally identifiable information or when we believe that this disclose is needed in order to protect our rights or to comply with judicial proceedings, legal process or court order.

Information Sharing with Affiliates

When you put in a request for a quote or information you are in fact granting or our affiliates to contact you. We will share both the loan request data and your contact information which you submit for a quote in addition to your account number info with our affiliated companies like commercial lenders, licensed loan brokers and banks so that we can fulfill information requests that we get from you in order to ensure a superior service by providing service and product opportunities which may interest you and also various other business purposes we could disclose all information we have collected as described above with the following affiliated companies: mortgage and life insurance companies, numerous financial service providers, debt and credit services, title service companies and auto finance companies.

Information Sharing with our Co-Branded Partners

A few of the services on have been co-branded with our contracted partners. Our co-branded offerings can be identified directly via quote request form for the service or product you choose prior to actually submitting the request. In instances where the co-branded service or product provided has been identified the personally identifiable information you enter in will be given directly to the provider via their website and does not come to . The service or product provider will then control the data once they have it, which can be used for tracking and identification by sharing it with .

Personal information can be used in order to provide services which you have requested this includes customized advertising and content. This is in addition to any fee which of which you have been notified by your provider as standard messaging rates which apply in order to confirm and also all SMS correspondence later on. You have the option to either Opt out to remove your SMS info by simply sending "STOP", "QUIT", or "END" to the text message you get. Once your SMS info has been removed from our database we will not be able to be used for secondary purposes or disclosed to our third parties.

Registry Compliance shouldn't be contacted

By submitting your personal contact or your financial information you are granting written permission for us, our affiliated sites and our business partners to get in contact with you via mail, telephone, or even email. Then by registering at you are willfully consenting to get phone calls from us, our business partners and affiliated sites which are not just limited to lenders who will contact you in regards to a loan.

Previous Customers

Information pertaining out our former customers are treated in the same way as our current customers.

Security And Confidentiality

We mainly restrict all types of access to nonpublic information about individuals to all but a few employees that need to have this information to provide services and products. We also maintain electronic, procedural and physical safeguards which are compliant with federal standards in order to guard against your nonpublic information from all unauthorized access and use.

The work of maintaining accurate information tends to be a responsibility we need to share. We work to maintain the information's integrity that is provided to us and as notified we will update all our records. Please contact us via the address and the phone number below when you want to change or update your information.

Service and Site Updates

sends service announcement and site updates. Our members will not be able to just unsubscribe from our service announcements which will contain important information in regards to the service. We will also communicate with users in order to provide those requested services pertaining to issues via phone when needed.

Update / Correct Information

If you need to verify the data which we have gotten from you previously, like to make corrections or even disable the usage of personal info, then please contact us or log into the account area on

Representative APR 391%. Average APR for this type of loans is 391%. Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

Calculate APR Rules in Your State Alternatives to Payday Loan For Military Consumers

Rules in Your State

State Min/Max Term Min/Max Loan Fees and Finance Charges Status of Laws
Alabama 10-31days $500 17.5% of loan After the initial loan period and one rollover with the same customer, the full outstanding amount of the loan, is due and payable. If the borrower is unable to repay the outstanding balance in full, the payday lender may offer the customer an extended repayment option of four equal monthly installments of the remaining balance. If there are insufficient funds to pay a check on the date of presentment, the lender may charge an additional fee. (Alabama Deferred Presentment Services Act, Title 5, Chapter 18A)
Alaska 14 days min. $500 15% or the lesser of $15 per $100 loaned + $5 fee S.B. 272 Signed by governor 6/29/04, (Chapter 116) Gives the Department of Community and Economic Development additional licensing and regulatory authority over payday lenders; gives borrowers the right to rescind the advance without cost before the end of the following business day; prohibits onerous collection practices by both payday lenders and payday third-party collectors, including the threat of criminal charges; prohibits the acceptance of collateral other than a check or other instrument; and defines the additional disclosures that lenders are required to make to clearly describe the advances and their uses for the borrowers.
Arizona 5 days min. $50-$500 15% of amount loaned A borrower may have only one outstanding payday loan at one time and the face amount, exclusive of any fees, cannot be more than five hundred dollars with three rollovers. Several bills introduced in the 2005 Legislative Session amend requirements for payday lenders, and loans.
Arkansas 6-31 days $400 10% of amount loaned + $10 fee max. Senate Bill 948 amended existing law protecting the military, and some licensing requirements.
California 31 days $300 15% of amount loaned A.B. 207 introduced in 2005 prohibits the fee for some deferred deposit transactions from exceeding an effective annual rate greater than 10 percent; Requires a check from a customer for these deferred deposit transactions to be made payable to the actual name of the licensee; Prohibits a check that has been held by a licensee for more than 31 days from being presented to a bank for payment.
Colorado 40 days $500 20% first $300; 7.5% of amount loaned in excess of $300 Only one loan per borrower at a time.
Connecticut       The small loan laws of Connecticut permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. This amounts to very large annual percentage rates.
Delaware 60 days $500 No limit The small loan laws of Delaware permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. This amounts to very large annual percentage rates. H.B. 152: enacted 7/12/05 sets fees/damages for bad checks and provides that damages or fees may not be obtained for pay-day loans, made by a bank or licensed payday lenders.
District of Columbia 31 days $50 min; up to $1,000 per borrower $5 on amounts up to $250; $10 face amounts $250.01 to $500; $15 on face amounts $500.01 to $750; and $20 on face amounts of $750.01 to $1,000+ fees The District of Columbia passed statutes specifically authorizing payday lending. The interest rates and fees that lenders are permitted to charge amount to very large annual percentage rates. The APR for a 14-day $100 loan is 419%. Payday lenders are permitted to add additional fees for handling, processing and verification on a sliding scale based on the amount borrowed.
Florida 7-31 days $500 exclusive of fees 10% max + $5 fee Florida passed statutes specifically authorizing payday lending. The interest rates and fees that lenders are permitted to charge amount to very large annual percentage rates. The APR for a 14 day, $100 loan is 390%.
Georgia   $3,000 min   In general Georgia law prohibits the making of any loans of $3,000 or less if that loan violates Georgia's usury law. Payday lenders in Georgia are not permitted to loan borrowers less than $3,000 for more than 16% APR. A payday lender is permitted to charge 16% APR if it attempts to loan money directly to its customers and only then if the in-state lender holds more than a 50% interest in the revenues from the loan. However a state chartered bank operating under the laws of another state and insured by the FDIC, that is not operating in violation of the federal and state laws applicable to that state charter, is not limited by Georgia's 16% cap. (See Georgia Code Ann. §§16-17-1 to 16-17-10).
Hawaii 32 days $600 15% of face amount of the check Hawaii passed statutes specifically authorizing payday lending. The interest rates and fees that lenders are permitted to charge amount to very large annual percentage rates. H.C.R. 172 authorizes a review of the registration of payday lenders.
Idaho NA $1,000 No limit Idaho permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act.
Illinois 13-45 days The lesser of $1,000 or 25% of borrower's gross monthly income, whichever is less. $15.50 per $100 Illinois permits payday lenders to operate in Illinois. Lenders must comply with other provisions of the state’s small loan act and may not make more than one loan to a borrower at any one time. The law caps the fee that can be charged to $15.50 per each $100. This amounts to a very high effective APR. The APR for a 14-day $100 loan is 403%. Payday lenders are regulated and licensed by the Division of Financial Institutions of the Department of Financial and Professional Regulation. The Payday Loan Reform Act (H.B. 1100) provides that the terms of loans, finance charges, renewals; revocations, suspensions, must be made available to the public.
Indiana 14 days min. $50-$500 ( but may not exceed borrower’s gross income) 15% on amounts <$250; 13% $251-$400; 10% $410-$500 Indiana permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. Indiana (permits the charging of $33 rather than the 36% per annum applicable to other loans). The APR for a 14-day $100 loan is 390%
Iowa 31 days $500 $15 on first $100; $10 on each $100 after Lender may make no loans for more than $500 to a borrower at any given time.
Kansas 7-30 days $500 15% + administrative fee

A lender may not have more than two loans outstanding to the same borrower at any one time and may not make more than three loans to any one borrower within a 30 calendar day period. New legislation establishes limits on a payday lender’s ability to collect on payday loans from military borrowers:

  • Lenders are prohibited from garnishing the wages of military borrowers;
  • Lenders must defer all collection activity against a borrower who is deployed to combat or a combat support post for the duration of such posting; and
  • Lenders may not contact any person in the military chain of command of a borrower in an attempt to make collection.
Kentucky 14-60 days $500 $15 per $100 on amount loaned  
Louisiana 60 days $350 16.75% max. of amount loaned; $45 max fee Louisiana requires payday lenders to be licensed. And prohibits them from attaching property when collecting on payday loans.
Maine       Maine permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lawmakers in Maine are considering approving changes to existing laws that would allow significant expansion of the payday loan industry. One of the proposed changes would allow lenders to charge as much as 17.5%, which would amount to $17.50 per $100. In addition, payday lenders are permitted to use advertising methods that are currently prohibited, and have greater leeway, in collection methods in the event of default than other types of creditors.
Maryland       Maryland requires payday lenders to comply with the state’s small loan or criminal usury laws. Basically, since the allowable interest rates and fees are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.
Massachusetts       Massachusetts requires payday lenders to comply with the state’s small loan or criminal usury laws. Basically, since the allowable interest rates and fees are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.
Michigan <31 days $600 15% or the first $100; 14% of amounts $100-200 13% of amounts $200 - $300; 12% of $300-400 the fourth $100; 11% of amounts $400-$600 plus administrative fees
New legislation, the Deferred Presentment Service Transactions Act (H.B. 4834)signed by Governor Granholm will regulate payday lending in Michigan by limiting loan amounts to 600 in a 31 day period and allow lenders to charge up to 15% depending on the size of the loan. Borrowers are allowed only one loan at a time. The law requires all payday lenders to be licensed by June 1, 2006, by the Office of Financial and Insurance Services. The law establishes a statewide database for lenders to determine if customers have other open transactions; and allows borrowers to file complaints with the state. The law permits payday lenders to charge service transaction and service fees for each transaction.
Minnesota 30 days $350 Ranges from $5.50 for loans up to $50 to 6% + $5 for loans $250 to $350 (i) On any amount up to and including $50, a charge of $5.50 may be added; (ii) on amounts in excess of $50, but not more than $100, a charge may be added equal to ten percent of the loan proceeds plus a $5 administrative fee; (iii) on amounts in excess of $100, but not more than $250, a charge may be added equal to seven percent of the loan proceeds with a minimum of $10 plus a $5 administrative fee; (iv) for amounts in excess of $250 and not greater than $350, a charge may be added equal to six percent of the loan proceeds with a minimum of $17.50 plus a $5 administrative fee. After maturity, the contract rate must not exceed 2.75 percent per month of the remaining loan proceeds after the maturity date calculated at a rate of 1/30 of the monthly rate in the contract for each calendar day the balance is outstanding. (Minnesota Small Loans - Chapter 47.60)
Mississippi 30 days $400 18% loan amount Mississippi passed statutes specifically authorizing payday lending. The fees and interest rates amount to very large annual percentage rates. The APR for a 14-day $100 loan is 572%.
Missouri 14-31 days $500 75% Missouri passed statutes specifically authorizing payday lending. Lenders may not charge interest and fees in excess of 75% of the initial loan amount on any single authorized loan for the entire loan term and all authorized renewals. Otherwise, interest is set pursuant to small loan law which provides that parties may set rate by contract. The APR for a 14-day $100 loan is 1980%.
Montana 31 days $50-$300 25% of face value of the check
The maximum loan cannot exceed $300 plus fees and the minimum amount is $50 plus fees. A loan cannot exceed 25% of the borrower's monthly net income (take-home pay). A borrower cannot have more than 2 loans at any one time with a single payday lender. The total of the two loans cannot exceed the $300 maximum. Payday lenders are prohibited from renewing, refinancing or consolidating payday loans. However a payday lender may extend the term of the loaned beyond the due date for no additional charge. S.B. 165 provides that a borrower has the right to rescind for one day after signing a payday loan agreement; and permits lenders to require arbitration.
Nebraska 31 days $500 15% per $100 A lender may only loan $500 maximum to any one borrower at a time. Nebraska passed statutes specifically authorizing payday lending.
Nevada NA Not to exceed 25% of the expected gross income of the borrower when the loan is made NA There are no statutory limits on fees that may be charged so long as the borrower agreed to those fees in writing. This amount to a very high APR. Payday lenders are licensed in Nevada.
New Hampshire 7-30 days $500 Only interest may be charged on loans; No fees are permitted New Hampshire permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. New Hampshire removed its interest rate cap effective 1/1/2000.
New Jersey       New Jersey does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.
New Mexico NA NA No limit New Mexico permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state's small loan act.
New York       New York does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.
North Carolina       North Carolina passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. For example, North Carolina permits a 15% charge on a maximum loan amount of $300. This means that the consumer will receive $255 in cash and the lender will pocket a $45 fee. If a $300 loan at this rate is repaid in two weeks, the APR is about 458%.
North Dakota 60 days $500 20% of loan plus database fee The maximum rate of interest that can be charged on a $200 loan is 30%.
Ohio 6 months $800 5% per month on unpaid balance plus $5 fee; plus $3.75 fee for every $50 above $500 The APR for a 14-day $100 loan is 390%.
Oklahoma 12-45 days $500 15% up to $300; 10% $300 to $500 Oklahoma passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. APR for a 14-day $100 loan is 390%.
Oregon 60 days No more than 25% of net monthly income No limit New legislation enacted in 2006 (S.B. 1105), sets new restrictions on lenders by limiting the maximum rate of interest on payday loans, the amount of the loan origination fees; sets a minimum 31-day loan term for payday loans; prohibits charges other than interest, origination fees and fees for dishonored check or insufficient funds; prohibits the renewal of payday loans more than two times; prohibits a lender from making a new payday loan to a consumer within seven days of expiration of the previous payday loan; Limits the amount of the fee for a dishonored check or insufficient funds; prohibits recovery of statutory damages and attorney fees from consumers for dishonored checks; and grants rulemaking authority to Director of Department of Consumer and Business Services.
Pennsylvania       Pennsylvania does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.
Puerto Rico       Puerto Rico requires payday lenders to comply with the state’s small loan or criminal usury laws. Basically, since the allowable interest rates and fees are much lower than what the payday industry usually charges, payday lenders in these states are probably operating illegally.
Rhode Island 13 days min. $500 15% of the face amount of the check Rhode Island requires payday lenders to comply with the state’s small loan or criminal usury laws. The APR for a 14-day $100 loan is 390%.
South Carolina 31 days $300 15% of the face amount of the check South Carolina passed statutes authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. The APR for a 14-day $100 loan is 459%.
South Dakota NA $500 No limit South Dakota permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. This amounts to very large annual percentage rates.
Tennessee 31 days $500 15% of the face amount of the check Tennessee passed statutes specifically authorizing payday lending. The fees and interest rates that payday lenders are permitted to charge amount to very large annual percentage rates. The effective APR for a 14-day $100 loan is 459%.
Texas 7-31 days None 10% per loan plus 48% annual interest + $12 monthly fee Texas does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. The effective APR for a 14-day $100 loan is 309%. S.B. 1479 protects military members and their families from some actions by payday lenders, and requires lenders to make special disclosures to military borrowers.
Utah NA None No limit Utah passed statutes authorizing payday lending. The fees that payday lenders may charge amount to very large annual percentage rates, although there is a limit on the interest that can be charged on judgments related to a payday loans.
Vermont       Vermont does not have specific payday lending legislation and permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay.
Virgin Islands   $7,500   The Virgin Islands requires payday lenders to comply with the state's small loan law which maintain interest rate caps of up to 26% per annum. Basically since the allowable interest rates and fees are lower than that which the payday lenders usually charge, payday loans are not practical.
Virginia 7 days min. $500 15% plus a fee for 6% late payments

In Virginia payday lenders must be licensed when making loans to Virginia residents whether or not they have a business in Virginia. Payday lenders cannot:

  • Make more than one loan to a borrower at any time;
  • Renew or extend any loan;
  • Lend to military personnel located in certain locations declared ‘off-limits’ by a military base commander;
  • Garnish military wages or conduct collection activities when the borrower is deployed to a combat or a combat support post.
Washington 45 days $700 15% up to $500; 10% of the principal in excess of $500

Licenses lenders may loan up to $700 at one time, In general the usury rate in Washington is 12% per year or 4% above the treasury bill rate. However Washington state-chartered Credit Unions may offer loans to their members at 15%. Washington requires payday lenders to be licensed and has special rules for military borrowers: Payday lenders are prohibited from:

  • Garnishing a military borrower’s wages s;
  • Contacting the borrower’s chain of command in an effort to collect on a delinquent loan; and
  • Make a loan to a person that the licensee knows is a military borrower from a location that a military base commander has notified the licensee in writing is designated off-limits to military personnel
  • May not collect against a military borrower who has been deployed to a combat or combat support post for the duration of the posting
  • Must honor the terms of any repayment agreement negotiated between the borrower and lender, or through military counselors or third party credit counselor on behalf of the military borrower

A "military borrower" includes any active duty member of the armed forces of the United States, any member of the National Guard or the reserves of the armed forces of the United States who has been called to active duty S.B. 5415. The effective APR for a 14-day $100 loan is 390%.

West Virginia       West Virginia in an apparent attempt to discourage payday loans, passed laws which requires payday lenders to comply with the state’s small loan and usury laws. Basically since the allowable interest rates and fees are substantially below that which the payday industry charges, payday lenders in these states are likely operating illegally.
Wisconsin NA NA No limit Wisconsin permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act.
Wyoming 30 days NA $30 or 20%, of the principal whichever is greater Wyoming law regulates payday lenders with physical addressees in Wyoming, which must be licensed. The rates are based in a full calendar month. For example if the total amount loaned is $100 the most that could be charged is $30 since $30 is greater than $20 which is 20% of the amount borrowed. If the amount borrowed is $200 for 14 days, the highest amount that may be charged is $30 [14 days/31 days x 20% x $200 = $18.06]. Rolling over is prohibited. A lender may permit the borrower to repay original finance charges in installments but may not charge an additional fee for that convenience. The APR for a 14-day $100 loanis 780%.
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Alternatives to Payday Loan

Before you decide to take out a payday loan, consider some alternatives.

  1. Consider a small loan from your credit union or a small loan company. Some banks may offer short-term loans for small amounts at competitive rates. A local community-based organization may make small business loans to people. A cash advance on a credit card also may be possible, but it may have a higher interest rate than other sources of funds: find out the terms before you decide. In any case, shop first and compare all available offers.
  2. Shop for the credit offer with the lowest cost. Compare the APR and the finance charge, which includes loan fees, interest and other credit costs. You are looking for the lowest APR. Military personnel have special protections against super-high fees or rates, and all consumers in some states and the District of Columbia have some protections dealing with limits on rates. Even with these protections, payday loans can be expensive, particularly if you roll-over the loan and are responsible for paying additional fees. Other credit offers may come with lower rates and costs.
  3. Contact your creditors or loan servicer as quickly as possible if you are having trouble with your payments, and ask for more time. Many may be willing to work with consumers who they believe are acting in good faith. They may offer an extension on your bills; make sure to find out what the charges would be for that service — a late charge, an additional finance charge, or a higher interest rate.
  4. Contact your local consumer credit counseling service if you need help working out a debt repayment plan with creditors or developing a budget. Non-profit groups in every state offer credit guidance to consumers for no or low cost. You may want to check with your employer, credit union, or housing authority for no- or low-cost credit counseling programs, too.
  5. Make a realistic budget, including your monthly and daily expenditures, and plan, plan, plan. Try to avoid unnecessary purchases: the costs of small, every-day items like a cup of coffee add up. At the same time, try to build some savings: small deposits do help. A savings plan — however modest — can help you avoid borrowing for emergencies. Saving the fee on a $300 payday loan for six months, for example, can help you create a buffer against financial emergencies.
  6. Find out if you have — or if your bank will offer you — overdraft protection on your checking account. If you are using most or all the funds in your account regularly and you make a mistake in your account records, overdraft protection can help protect you from further credit problems. Find out the terms of the overdraft protection available to you — both what it costs and what it covers. Some banks offer “bounce protection,” which may cover individual overdrafts from checks or electronic withdrawals, generally for a fee. It can be costly, and may not guarantee that the bank automatically will pay the overdraft.

The bottom line on payday loans: Try to find an alternative. If you must use one, try to limit the amount. Borrow only as much as you can afford to pay with your next paycheck — and still have enough to make it to next payday.

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For Military Consumers

Payday loans (and certain other financing) offered to servicemembers and their dependents must include certain protections, under Federal law and a Department of Defense rule. For example, for payday loans offered after October 1, 2007, the military annual percentage rate cannot exceed 36%. Most fees and charges, with few exceptions, are included in the rate. Creditors also may not, for example, require use of a check or access to a bank account for the loan, mandatory arbitration, and unreasonable legal notices. Military consumers also must be given certain disclosures about the loan costs and your rights. Credit agreements that violate the protections are void. Creditors that offer payday loans may ask loan applicants to sign a statement about their military affiliation.

Even with these protections, payday loans can be costly, especially if you roll-over the loan. You instead may be able to obtain financial assistance from military aid societies, such as the Army Emergency Relief, Navy and Marine Corps Relief Society, Air Force Aid Society, or Coast Guard Mutual Aid. You may be able to borrow from families or friends, or get an advance on your paycheck from your employer. If you still need credit, loans from a credit union, bank, or a small loan company may offer you lower rates and costs. They may have special offers for military applicants, and may help you start a savings account. A cash advance on your credit card may be possible, but it could be costly. Find out the terms for any credit before you sign. You may request free legal advice about a credit application from a service legal assistance office, or financial counseling from a consumer credit counselor, including about deferring your payments.

Military consumers can contact the Department of Defense, toll-free 24 hours a day, 7 days a week, at 1-800-342-9647, or at www.militaryonesource.com. Information on the Department of Defense rule, alternatives to payday loans, financial planning, and other guidance is available.

This article was previously available as Payday Loans Equal Very Costly Cash: Consumers Urged to Consider the Alternatives.

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