Regulating payday lenders

Wisconsin lawmakers agreed Thursday to regulate the payday lending industry for the first time and take steps to turn around the most troubled public schools.

The measures won final approval in the Assembly late Thursday and were headed to Gov. Jim Doyle as lawmakers wrapped up the legislative session that began in January 2009. Not winning approval were measures to promote the use of renewable energy, to deregulate the landline telephone industry or to overhaul Wisconsin voting laws.

The regulations on stores that offer payday and auto title loans came after years of debate and intense lobbying by the industry. Wisconsin had been the only state not to regulate the industry, which consumer advocates said allowed its rapid growth and trapped too many borrowers who take out short term paycheck loans with high interest rates in a cycle of debt.

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Paycheck Loans

We all need some help from time to time and paycheck loans are a perfect way to get some help if you're in a financial bind. Anytime you have an emergency that requires cash right away, know that you can count on paycheck loans to get the cash you need.

Paycheck loans are also called payday loans by some and basically what they are is a short term loan. Paycheck loans allow you to borrow anywhere from $50 to $1000 dollars almost immediately. They need to be paid back within two weeks, usually on your next payday, hence the reason they get the name payday loans or paycheck loans.

It's true that the fees and interest rates for these loans can be sky high, but since they are very short term and for emergency use that's usually not a huge concern for most. Keep in mind though that you could end up paying as much as $30 for a $100 loan. Even with the high costs, paycheck loans can be a lifesaver in an emergency.

There are many online payday loan companies these days as the popularity of payday loans continues to increase. If you are considering payday loans then here's how to choose the perfect payday lender for yourself.

Choose Paycheck Loans The Right Way

Payday loan companies will typically ask for several personal pieces of information when you apply for a payday loan. These can include your Social Security number, bank account information (even your login information), date of birth and your employer. This is why you want to make sure that you're working with a reputable payday lenders. You certainly don't want this information in the hands of the wrong company.

Check to see if the loan company is registered to offer loans in your state and make sure that there are no outstanding issues with the company. You can find this information from the Better Business Bureau. If you see anything that keeps you from being comfortable working with a particular lender then find a different lender. There are plenty of them competing for your business so finding a reputable one shouldn't be difficult.

Make sure that you read and understand the terms and conditions of any payday loan before signing for it. There may be a lot of fine print, but be sure to read it all. You want to know about all of the possible fees and interest rates, what happens if you're late, if you can get an extension to the loan and what happens if you do. Many of the payday loan companies charge huge late fees and will increase what are already huge interest rates if you make a late payment. Be sure to know what will happen if you're late paying off the paycheck loans.

Remember About Paycheck Loans

A paycheck loans is not to be used for just any circumstance. While the easy availability of cash can be attractive, they are meant for emergency use only and you should treat them that way. Look for any other means to get the cash you need before considering the paycheck loan. Always pay it on time and if you think there is a chance that you won't be able to do this I recommend you don't take the payday loans as it could end up making your situation even worse. Used properly, paycheck loans are a great help to many people each and every day.

Article Source: http://www.articlesbase.com/loans-articles/the-right-lender-is-key-to-paycheck-loans-579787.html