Payday loans are widespread in American culture. Shops offering these services can be seen in many strip malls, endorsements from major celebrities appear in that 90 second time slot between our favorite shows, and advertisements are strategically placed on billboards, bus stops, and magazine ads. It is surprising, therefore, that such services are illegal in 13 states. This can lead to several questions, including: which states do not allow these businesses, why do they feel the need to outlaw payday loan lenders, and what other options are there for people in these states. This article hopes to clarify some of these questions in hopes that people can get a better understanding of their legal and financial options in times of need.
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The list of the 13 states that have made payday loan businesses illegal include: Arizona, Arkansas, Connecticut, Georgia, Maine, Maryland, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Vermont, and West Virginia. Many of these states do not have a strict law against these businesses such that they themselves are illegal. Instead, they implement usury laws which limit the amount of interest a loaner can charge. These interest rates are well below the amount needed for operators in this industry to stay in business, effectively making it impossible for them to have a presence in these states. Some states, however, have made them explicitly illegal, including Georgia, where it is a felony and can be prosecuted under racketeering laws.
Given the unavailability of payday loan services in over a quarter of the states in America, you may wonder what other options are accessible for people who find themselves in tough times and need cash quickly. Surprisingly, there are many other methods of securing cash quickly if you happen to find yourself a resident of one of these states. The easiest option is to take a cash advance on your credit card. This is a good choice for situations in which credit will not do and you must have cash instead. However, this also requires that you have a credit card in the first place, a luxury that may not be available to many people, due to either bad credit or simply a fear of misusing such readily available credit.
If you do not have a credit card, another possibility is to ask your employer for an advance on your next paycheck. This is, of course, at your employer's discretion, and nothing requires them to say yes. Still, if you and your boss share a decent relationship, they may be willing to help you in your time of need, provided that you do not take advantage of their kindness by repeatedly asking them for such favors. Should your boss be unwilling to front you the money, another, though less desirable option, would be to visit your local pawn shop. Here you can 'sell' an item to the pawnbroker with the intent of repurchasing it for the amount sold, plus a pre-set interest rate. These rates are usually less than those of payday loans, and will definitely be less in states where interest rates are limited by law. You must keep in mind that when taking out such a loan, you stand the very real possibility of losing the item you sold should be unable to repair the loan in time.
While these alternatives may not always be ideal, they do exist and should be considered in your time of need if you find yourself a resident of the pre-mentioned states.
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