Monday, May 8, 2006

How Payday Loan Providers Circumvent State Laws

By J.J. Cameron
Payday Loan Writer

Most people are familiar with Craig's List. If you need a new couch, peruse the site! Looking for an apartment? Sign on today? Hoping to apply for a faxless payday loan? You've come to the right place!

There's just one problem with the last item listed: cash advances are illegal in many states. For instance, over 40 ads were on the site last week for payday cash advance providers in Massachusetts. According to the Division of Banks, however, payday loan lending isn't permitted in the state.

It plans on punishing violaters, but this strategy for circumventing the law is a difficult one to track. Anyone can just sign online and take out a cash loan. It's an issue worth keeping your eye on.

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