The problem is, the proposed rule doesnt do that. Instead, Pew says, it would let payday lenders keep charging triple-digit interest rates while making it harder for banks to offer better, cheaper alternatives.
Pew has proposed its own rule that would restrict short-term loans, cash loan approval would encourage longer-term loans that are easier to repay. Auto Title Loans. To get around the restrictions on payday lending, some lenders offer auto title loans instead.
However, this so-called alternative which is illegal in about half the states in the country is really just a payday loan in disguise. When you take out an auto title loan, the lender examines your car cash loan approval offers you a loan based on its value.
Typically, you can get up to 40 of the cars value in cash, with 1,000 being the average amount. Then you hand over the title to the car as collateral for the loan.
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People like payday loans because they are easy to obtain and are only cash loan approval short term commitment - you pay the money back at the time of your next pay check. It's a great way to get some financial freedom and have some extra cash within the month if you have gone over your budget. Whether you're trying to pay off your next vacation or you need to buy a few extra Christmas presents before it's too late, a payday loan is perfect in emergencies.
Why use us. If you've decided that you want to get a payday loan, here's why you should consider using our platform. It's important to take your finances very seriously and to consider various factors before diving into the payday loan process.