Can You Get An Online Payday Loan In Your State?

Copyright (c) 2011 Andrew Scherer

It really wasn't all that many years back when your only choice if you needed a fast cash advance to perhaps cover some bills, was to head on down to your local pawn shop. You gave him something of value and most of the time you came away with less money than you actually needed. So it really is no wonder that online loan venues have taken off the way that they have in recent times.

So for starters the first thing that payday lending sites have over your local pawn operator is that you don't have to haul a piece of valuable property over to their shop. On the other hand an online lending site will cost more on the front end but when it all is said and done they don't want to take your property from you and sell it at a huge profit.

So it comes as a bit of a shock when most people discover that some 25% of the states in the US don't even have online payday lenders. Laws make it too difficult or unprofitable to operate there. Or the laws simply ban them entirely. Now it's all supposed to be for your own protection but once you take a closer look you may end up asking yourself, "just who are these laws protecting"?

Now the politicians would like to have you believe that they're protecting you the "poor and vulnerable" public who is incapable of making your own decisions. But if this is so, why have they allowed banks to continue on with their predatory practices that have led to some states having 20% of their homes foreclosed on and sitting empty? So, are you really their constituents that they're looking out for?

All you have to do is look at all the businesses that compete with online lenders to see that this just isn't so. For instance no doubt pawnbrokers are more than glad to see online loan sites cut out of the picture. For one thing payday cash advance venues tend to give bigger loans, and you don't even have to leave your home to get one. Also you don't have to drag something of value down to their store and take the chance of losing it.

Then of course you have your credit card companies that make huge amounts of money off of their late fees. Now they don't like you having ready access to a short term loan for sure. Then you have your check cashing services that rely on you not having a bank account. Something that your online lender encourages you to get. So just who are your politicians protecting here anyway?


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