Most states have created rules that payday lenders need to follow. The laws that have been put into place by consumer protection bureaus or government regulators are meant to protect borrowers from excessively high fees and interest rates. This is important because with many families taking on excessive debt, these fees and interest rates can cause even more financial hardship. They also tend to set the maximum amount that can be given by a payday lender.
When considering taking out a salary advance loan, only work with reputable lenders who follow all the applicable laws and regulations in your state. Loans that are difficult to repay are made even more difficult by difficult circumstances. You don’t need to make the process any harder by using illegal or questionable lending practices.
If you are confused about the predatory lending or payday loan process, you may want to speak to an attorney to review the rules and regulations. Some states offer free legal advice to low-income individuals, and attorneys may be able to provide guidance on consumer debt-related matters. For more information on free lawyer advice, please visit our website.