Like their fellow citizens all over the United States, many Washington State residents are feeling the pinch of the current economic crisis. More and more people are living from one paycheck to the next and struggling to pay for the basic necessities of life. The credit crunch has left a lot of people unable to get bank loans or raise their credit card limits, even if they have regular incomes and own their own homes.

When times are this tough, even a modest unbudgeted demand on your finances can turn into a full-blown crisis. So, where can you find fast financing without too much hassle when you are faced with a temporary squeeze? A payday loan could be just what you need to help you get through. This is a short-term loan of typically a few hundred dollars that you pay back when you get your next paycheck.

You have to be at least 18 years old to get a payday loan, and you also need a regular income from your job or another source such as child support, Social Security or a pension. In addition, you must hold a bank account and show various forms of ID and proof of address.

Washington residents who fulfill the requirements can obtain a payday loan for up to $700 depending on their income. It is up to the lender to decide how much they want to lend each applicant, up to the $700 limit. The maximum loan period is 45 days. If you get a payday loan in Washington the loan provider is allowed to charge you up to 15% of the first $500. If you borrow more than $500, they can also charge up to 10% of the $500-700 portion of the loan.

That means that a $100 payday loan will require a fee of $15, which translates to an APR (annualized percentage rate) of 391% on a 14-day loan. If you borrow $400 you will pay $60, and a $700 loan will cost you $95. You must pay your payday loan back in full at the end of the loan term as rollovers (extensions) are not allowed under Washington regulations. There is no restriction on getting another loan as soon as you have repaid the first one, however.

If you find yourself unable to pay back your payday loan on time, you can ask the lender to let you start on a payment plan. Although the payday loan company is under no obligation to allow this, it is likely to be in their interest to do so as it will greatly increase their chances of getting their money back from you. Once you have taken out four consecutive loans from the same provider, you are entitled to convert your payday loan to a payment plan without the lender’s agreement.

While you can only borrow $700 from each payday loan company, there is no prohibition against obtaining loans from multiple providers in Washington. This means that you have to think carefully before taking out more than one payday loan so that you don’t overextend yourself.

We all need some extra financial help from time to time. If you are on a low income and you suddenly have to come up with a large sum of money to pay for your child’s hospital stay or an emergency repair to your roof for example, you might be able to get a payday loan.

 If you live in Indiana you can apply for a payday loan of up to $550, as long as the sum is not greater than 20% of your gross monthly income. Thus, if you earn $1000 a month, you can get a maximum of $200, while if you earn $3000 a month you can get a payday loan of $550. However, you are permitted to take out two payday loans at a time – one each with two different lenders.

 The minimum term for a payday loan in Indiana is 14 days, but there is no upper limit. This means that if you receive your paycheck every two weeks like many Americans, you might well get paid twice within the life of your payday loan. This should make it a lot easier to manage your payday loan and pay it off in full at the end of the loan period. In fact, according to Indiana state law you are not permitted to extend a payday loan, and are obliged to pay it back completely.

 There is no restriction on taking another payday loan as soon as you have paid back the previous one, up to a total of six consecutive loans. After that there is a mandatory seven-day cooling-off period before you can get another one. Once you have obtained three consecutive payday loans from one lender, they have to offer you the option of entering a payment plan of no less than four equal repayments. The lender is not allowed to charge for the repayment program.

 The fees for payday loans in Indiana are set on a sliding scale. For the first $250 of the loan you can be charged up to 15%, from $251-400 the fee is up to 13% and from $401-550 you pay a maximum of 10%. This means that a $200 loan will cost you $30, a $300 loan costs $44 and the $550 maximum loan will attract a fee of $72. For comparison purposes, the APR (annualized percentage rate) on the industry-standard 14-day $100 loan is 391%.

 It is very important that you have enough money in your bank account to pay back the loan and the fee on the due date. If your check bounces or the payday loan company tries to debit your account and is unable to obtain the full payment, you will end up paying extra charges that you probably cannot afford. In addition to a non-sufficient funds (NSF) fee and maybe an overdraft charge from your own bank you will be liable for a $20 NSF fee to the lender. You might also have to pay other charges if the lender can prove that you knowingly wrote a check or authorized a debit without having the funds to cover it.

Michigan has been in the news recently because of the critical condition of the automobile industry that has traditionally formed the bedrock of the state’s industrial base. Sadly, the Michigan economy has been in dire straits for several years now, and thousands of people have either lost their jobs or are working fewer hours for less pay than previously.

 As a result, a large number of Michiganders are now struggling to meet their everyday expenses, especially now that prices for food, gasoline and many other essentials have gone up. For some, any unexpected demands on their money could turn into a crisis when they literally don’t have any cash to spare. If they are faced with a large medical expense or car repair bill, they face limited choices when it comes to getting a short-term emergency loan.

 In this situation, many people turn to payday loans to help tide them over. In Michigan, you can borrow up to $600 from each of a maximum of two payday loan providers at any one time. In other words, and depending on your income, you can have up to $1200 in payday loans outstanding. The maximum loan term is 31 days. You are not allowed to renew a payday loan, and have to pay off the whole sum before the term expires. However, the lender can choose to extend the loan period for another 31 days but is not allowed to charge a fee for doing so.

 The fee structure for a payday loan in Michigan is slightly more complex than in other states. The maximum loan fee is $15 for the first $100, $14 for the second $100, $13 for the third $100, $12 for the fourth $100, $11 for the fifth $100 and $10 for the sixth $100. In other words, a $100 payday loan will cost you $15, a $300 loan will set you back $42 and a $600 will be $76. For a 14-day payday loan of $100, the APR (annualized percentage rate) will be 391%.

 In addition, the lender is allowed to charge a database verification fee of 45 cents. When you apply for a payday loan, the loan provider is legally required to check the State electronic database to make sure that you do not already have more than one loan outstanding with another company. You will have to supply your name, address, Social Security number and driver’s license, as well as the sum you want to borrow and the number on the check you will be using to pay back the loan.

 If a customer has taken at least eight payday loans from one provider in a 12-month period, and cannot pay off the current loan, they can ask to set up a repayment plan. This would allow the borrower to pay back a third of the outstanding payday loan on each of their next three paydays. The lender can levy a $15 fee for the repayment plan.  

Alabama has always been one of the poorest states in the Union, with especially high rates in the rural counties of the south-central parts of the state where around 30% of the population live in poverty. The area’s low income levels and negative reputation only help to perpetuate the dismal condition of the local economy by dissuading businesses from setting up shop there and keeping teachers and health care professionals away. This means that job opportunities are limited and education and health care standards remain relatively low.

 African-Americans are particularly disadvantaged, for a variety of reasons, some of which can be traced all the way back to slavery and through to segregation and racial discrimination. Many people in Alabama therefore live on low wages or a fixed income, and are ill-equipped to deal with any unexpected demands on their money. If a financial emergency such as an illness in the family or an urgent home repair arises, they might not have enough savings to cover it.

 For some people, a payday loan can offer a vital lifeline when they have nowhere else to turn. In Alabama you can get a payday loan if you are at least 18 years of age and have a regular job or another source of income such as a pension, child support or welfare payments. You must have a bank account, and you also have to show valid ID documents and proof of address. Sometimes you will also be asked to provide a pay stub or a bank statement.

 Depending on how much you earn, you can be approved for a payday loan of up to $500. You are allowed to hold payday loans with any number of different lenders in Alabama as long as you don’t borrow more than a total of $500 at any time. The loan term is 10 to 31 days.

 Some payday loan providers will let you choose how long you want to borrow for, within these parameters. Others will set the repayment date to your next payday that falls between 10 and 31 days away. If you are expecting your wages in the next 10 days, you will still be able to get a payday loan and be paid twice within the loan term. This will give you some extra breathing space and allow you to use two paychecks for the repayment, rather than just one.

 Payday lenders in Alabama are permitted to charge up to $17.50 for every $100 you borrow. The fee for a $100 loan will therefore be $17.50, which equates to a 14-day APR (annualized percentage rate) of 456%. A $300 payday loan will attract a fee of $52.50 and a $500 loan will cost $87.50. State regulations allow you to extend the loan once, but bear in mind that you will have to pay the same fee again when you do. If you want to get another payday loan after that you have to wait until the next business day. If you default on your loan you can join a repayment plan with a 3% monthly interest rate. 

If you live in Missouri and need a helping hand in a financial crisis you might find that a payday loan is right for you. Payday loans are intended to provide a few hundred dollars to bridge the gap between paychecks when you have unexpected expenses to pay. Even though a payday loan is quick and easy to obtain you should resist the temptation to get one to pay for non-essential items such as a new iPod or a vacation. It is important to use your payday loan only for emergencies such as medical expenses or unexpectedly large utility bills.

 When you apply for a payday loan in Missouri you need to show that you can pay it back by leaving a check for the principal of the loan plus the fee with the payday loan store. If you get your payday loan online the lender will debit the bank account where your loan was deposited. In either case you need to make sure that you have the funds to cover your loan repayment when it falls due.

 Under Missouri state law you can get a payday loan for up to $500 from each lender, but there is no restriction on the number of different lenders you can borrow from. Within that limit, each payday loan provider can decide how much they want to lend you. The loan term can be from 14 to 31 days. In other words, you can choose to borrow for up to a month, which should allow you to receive two paychecks during the loan period. This will make it easier to pay off the loan when the repayment date comes around.

 State regulations say that a payday borrower can never be required to pay more than 75% of the initial loan amount over the life of the loan, including up to six renewals. When converted to the standard 14-day term this represents an APR (annualized percentage rate) of 1980% on a $100 loan.

 However, since it is impossible to anticipate the number of times a borrower will renew their payday loan, lenders in the state typically charge $25 per $100 lent regardless of the length of the loan term. They restrict the number of renewals (rollovers) to two and charge another fee each time you renew. Some payday loan companies charge as little as $15.50 for every $100 they lend out and allow three or even four renewals.

 There is also a stipulation in the law that each time the payday loan is extended the principal has to be reduced by at least 5%. This is intended to gradually reduce the burden on the borrower and increase their ability to manage the loan in a responsible manner. However, many payday loan providers in Missouri do not appear to enforce this rule.

 As long as you handle your payday loan responsibly and don’t take on more debt than you can pay off, you will find your payday loan to be a genuine friend in times of need. 

On November 4, 2008, voters in Arizona not only picked their choice of presidential candidate but also voted to reject Proposition 200, which would have extended the right of payday lenders to conduct business in the state. The proposition was defeated by a 60-40 margin despite the fact that the payday lending industry and its supporters spent around 13 times as much as the ‘no’ lobby to campaign on the issue.

 The defeat of Proposition 200 means that the law that legalizes payday loans in Arizona will expire on July 1, 2010. Unless payday lenders take further legal action to overturn Proposition 200, they will no longer be able to operate profitably in the state after that date. From then on, Arizona’s 36% annualized interest rate cap will apply to all consumer loans including payday loans.

 Until then, you can still get a payday loan in Arizona, however. In order to qualify for a payday loan, you must be at least 18 years old and a US citizen. You also need to have a regular income, either from a job or from a pension, social security, alimony or another documented source. Additionally, you need a bank account so that the lender can be sure of getting their money back.

 As an Arizona resident, you are allowed to borrow up to $500 for a minimum term of 5 days. A typical payday loan lasts for 14 days or until your next paycheck is due. The lender will charge you a fee of $17.65 per $100 you borrow, which translates into an APR (annualized percentage rate) of 459% on a 14-day payday loan. Therefore, if you borrow $200, you will pay a fee of $35.30, while a $500 loan will cost you $88.25.

 You are only allowed to have one payday loan at a time, although you can roll it over (extend it) up to three times. Remember that you have to pay a new fee each time you extend, though. In other words, if you roll over your $200 loan three times, you will be charged a total of $141.20 in fees ($35.30 x 4). This is why it is best to treat your payday loan as a short-term fix for an unexpected cash crunch rather than as a long-term source of financing.

 When the time comes to pay back your payday loan, the lender will debit your bank account if you have obtained your loan online. If you got your payday loan from a local cash advance store, they will deposit your check. If you don’t have enough money in your bank account to cover the check, the lender can charge you a $25 NSF (non-sufficient funds) fee on top of the NSF fee you have to pay your own bank. If you have an overdraft facility the bank will also charge you an overdraft fee.

 For the next year and a half, you will still be able to obtain a payday loan in Arizona. If you manage your payday loan responsibly it can be a true lifeline when you are in temporary financial difficulties.

If you drive through any low-income urban area in one of the 36 states that permit payday lending, you are bound to see several payday loan stores advertising their services with brightly colored neon signs in the window. In many places, you will also notice that a large proportion of the residents belong to minority groups such as African-Americans, Latinos or Native Americans.

 It is well known that members of ethnic minorities are likely to make less money than their white counterparts, and to have a lower net worth and be more vulnerable to a downturn in the economy. The reasons for this can range from lower education levels, fewer job opportunities in the immediate district or language difficulties to outright discrimination. Whatever the reason is, recent studies have shown that the average African-American or Latino household earns 70% of what the average white household makes.

 This income disparity leads to an even more shocking gulf between ethnic groups when it comes to net worth. For every dollar of assets that the average white household owns, a Latino household owns just nine cents and an African-American household seven cents.

 In the current economic crisis, people of color have been hit harder than Caucasians. Minority homeowners are more than twice as likely to have a sub-prime mortgage than whites are. Even if their homes have not been foreclosed, these borrowers are at a disadvantage because their mortgages are more expensive than average. Unemployment is also higher among non-whites, and African-Americans are especially badly affected.

 Many members of minorities belong to the so-called ‘unbanked’ Americans who don’t have bank accounts or access to conventional forms of financing. Among those who do hold bank accounts, many are reluctant to approach their bank for a loan because they fear being refused or believe they will not understand the loan documents.

 For these people, a payday loan might be the only legal form of borrowing they have access to. Minority borrowers are certainly far more likely to take out a payday loan than the average citizen. In California, for example, African-Americans make up 6% of the population but account for 18% of those who get payday loans, while in Texas the situation is even more skewed (11% of population and 43% of payday borrowers).

 The payday loan industry continues to come under heavy criticism for targeting communities of color by setting up stores in areas with large minority populations. However, the lenders argue that they are only following good business practice by going where their customers are and serving their needs. The problems for borrowers arise when they overextend themselves by taking out multiple loans or rolling over their payday loans so many times that their fees stack up to unmanageable levels.

 This is a complex issue that has many causes but few apparent solutions on the horizon. What is clear is that given the shortage of alternative sources of financing for low-income, minority Americans, the payday lending industry is providing a vital service for people who might otherwise have to seek illegal, unregulated loans.

 In many families, it is the women who take care of day-to-day financial matters such as budgeting and paying bills, not to mention shopping for groceries and other essentials. Of course many households are headed by a woman, who has to handle all aspects of running a home and family by herself. In the US more than half of households classified as poor are headed by a single woman.

 Women are also more likely than men to be living in poverty, for a number of different reasons. Women who work make an average of 22% less than men do. In addition, many women take several years off to raise their children and miss out on career advancement opportunities that allow them to earn more. There are also many young single mothers who either work for low wages or live on welfare.

 It is therefore not surprising to learn that over 60% of people who get payday loans are women. Certain women’s groups and other critics charge that payday lenders exploit women who have low incomes and limited opportunities and force them into a ‘debt trap’ by enticing them with payday loans that are easy to obtain but difficult to pay off. They contend that by making it easy for low-income women to get payday loans, lenders are endangering the wellbeing of these women as well as their children, who are already poor and ill-equipped to take on debt.

 In order to get a payday loan, you need to have a regular income, which can be from a job or another source such as social security or a pension. This means that many low-income women qualify for payday loans, although the amount they can get depends in part on how much they earn, as well as on which state they live in.

 As long as you don’t borrow more than you can handle and you pay the loan off as quickly as possible, a payday loan can be the ideal solution to a short-term cash flow squeeze. Many women don’t like the idea of applying for a bank loan even if they are in a position to do so. The application process for a payday loan, on the other hand, is quick and simple, and requires only the minimum of paperwork. You can get access to the money within a day or even straight away, depending on where you get your payday loan.

 The problems start when you roll over the loan repeatedly and end up paying financing fees every two weeks. If you do need to extend a payday loan beyond the initial term, try to pay off part of the loan so that you take a smaller loan the second time around. This will decrease the fee you are charged, in addition to making it easier to pay back your loan in full.

 Instead of just advocating that payday loans be banned, critics of payday lending should try to suggest some viable alternatives that would enable low-income women to find affordable financing. Until this happens, payday lending appears to be here to stay.

In these tough economic times, many people are finding it more difficult than ever to make their minimum monthly credit card payments. If you run into a temporary cash flow problem when your credit card bill is due, you might consider taking out a payday loan so that you can pay your bill and avoid late fees. But first you should figure out which would cost you less: late charges on your credit card or fees for a payday loan.

The answer will depend on a number of factors. It can be quite tricky to compare the two scenarios as credit cards and payday loans are very different types of financial instruments. A payday loan is designed to tide you over until your next payday if you suddenly find yourself short of cash. Payday loans are normally issued for 14 days or until the next time you get paid. In most cases you can also roll over (extend) the loan by paying another fee.

For example, you might get a two-week payday loan that carries a fee of $17.65 per $100 you borrow. This is the equivalent of a 459% APR (annualized percentage rate). Therefore, if you borrow $200, you pay $35.30 in fees, while a $500 loan would cost you $88.25. Don’t forget that you have to pay the fee again each time you extend your payday loan.

A credit card, on the other hand, is a credit facility that allows you to borrow as much or as little as you like, up to your credit limit. Each month, you need to pay off the minimum amount, which is typically 2-2.5% of what you owe. You can also choose to pay a higher amount or even settle the outstanding balance in full, in order to minimize your interest payments. However, few people pay off their whole credit card bill every month, and as many as two-thirds only pay the minimum amount.

If you cannot make your credit card payment on time the issuer will charge you a $30-40 fee, regardless of how much you are supposed to pay or how overdue your bill is. You will also be charged interest on the outstanding balance. Credit card APRs average around 14% right now, but you will have to pay more if you have a low credit score or if you take out a cash advance.

 One very important reason to avoid paying your credit card bill late is that it has a negative effect on your credit score. In contrast, getting a payday loan does not affect your credit score at all.

 To sum up, if you have to choose between paying a late charge on your credit card or getting a $100-200 payday loan for up to two weeks, it would probably cost you less to take the payday loan. Even if you need to borrow more than that, you would still be better off with the payday loan as it would not hurt your credit score. 

If you are looking for a payday loan, chances are that you will have no problem finding a provider willing to lend you some quick cash.  In the United States alone there are over 10,000 payday loan outlets in business and that number is rapidly growing. If by chance you don’t have a payday loan store near your area, don’t fret, there are hundreds of online payday loan providers ready to do business with you.
The main purpose of a payday loan is to help a person experiencing an unexpected financial crisis. Payday loan providers offer a service as a last resort to these people who simply cannot find the money any other way. A lot of providers wanting to cash in on the high interest rates that accompany these loans typically provide more accessible hours than commercial banks. It is no strange sight to see a conveniently placed payday loan provider open after hours cashing checks and offering quick cash advances.
If you want a bit more convenience, you could even opt to receive a payday loan online. These types of loans do not require you to leave your house and are usually very simple to fill out. There are hundreds of online providers that are willing to do business; it is just a matter of finding one that tends to your needs. For example, some providers require you to fax information to them, others are much more lenient and do not require any faxing whatsoever. Typically, the most popular online payday loan services simply ask you for your checking account and send an electronic transfer to your account with the funds requested. At the end of the loan’s term, they will simply debit your checking amount for the amount of the loan plus fees and interests.
The advantages of taking a payday loan online are that you can easily compare interest and fees from your computer quickly and effectively. Brick and mortar stores would have you going back and forth trying to find the best deals. The disadvantage to online payday loan providers is that some of them are unfortunately scams. If you do choose to seek for a payday loan online, make sure that you do some research on the company before committing any financial information to them.
There is definitely no scarcity as to where to find a payday loan.  The important thing to keep in mind when searching for a loan is that whether you decide to find one online or offline, always make sure that you shop around for the best possible interest rates and lowest fees. The good thing about having a lot of selection is that you can usually find the very best deals with a little research and patience. The money saved in the long run will make all that time spent researching very much worth it.