Florida lawmakers could change payday loan rules

payday loan rules

As you know, there are different ways to get a loan, but one of the most popular types of loans is a payday loan. This loan is popular for two reasons:

  1. Up to a maximum of 24 hours after applying for a loan, you will receive a certain amount.
  2.  There is no need to have a good credit or present a document property or car to get a loan.

For this reason, it can be said that this loan attracts a lot of people because people who have low-income, bad credit and so on can easily get a loan.

On the other hand, getting this type of loan for the borrower makes the situation a bit harder. For the following reasons:

  1.  The amount paid as a payday loan is $ 500.
  2.  The loan repayment time is very short.
  3. The interest rate on this loan is very high. Although the loan process is convenient, you have to pay a lot more money than you get as a loan.

payday loan rules

But recently Florida lawmakers could change payday loan rules. “Florida lawmakers have started moving forward with a proposal to revamp rules for the payday-loan industry, allowing customers to borrow larger amounts of money over longer periods of time.

Fortunately The House Insurance & Banking Subcommittee unanimously approved the changes. Indeed, despite these new conditions, people can receive $ 1,000 as a payday loan, and return it over 60 to 90 days, which is definitely longer. In the past, loan repayment terms were such that the borrower eventually paid $ 500 and should repay the loan within 7 to 31 days. However, the issue of raising interest rates is still unresolved. In general, the interest rate of this type of loan is higher than 10%, in addition to the amount payable as a fee. Making these changes seems necessary because statistics show within 12 months from 2016 to 2017, Florida’s folk has received 7.7 million payday loans, which in fact reflects the need for individuals to make this type of loan. Another statistic proving this is that 28% of people who get 12 loans in one year, on average, make up 56% of them as payday loans.

 

We hope we can do better service with these conditions. You can manage your financial situation by communicating with our advisers in order to offer you the best solution and loan. You can easily apply for a loan by registering on the site. As all the loan application steps are done online, you can quickly get your loan without having to do paperwork. Trust us and stay in touch.

1 Comment

  1. […] well in the tough times that are created for you. The KACHUE company can still help you with this type of loan, despite the bad credit […]

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