With legislation in the Michigan legislature as we speak concerning the payday loan industry, it was interesting to see the coverage of Marquette's WLUC concerning the payday loan industry.
MARQUETTE -- Payday loan companies have been in existence for about fifteen years, and sometimes there is a stigma attached to their business. However, many people definitely feel a need for small, short-term advances that most banks don't offer, particularly to those with bad or no credit.
All cash advance agencies must be licensed by the state and are subject to monitoring to insure proper operating practices. They also fall under the purview of the Truth in Lending Act, which means they must disclose any fees or interest rates charged to their customers. Also, they no longer allow people to roll over their loans, which protects consumers from getting in over their heads in debt. Natalie Zimmermann reports the story.
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Cash Advances are exactly what the name implies. They are an advance to get you to your next payday. During these trying economic times we all face unexpected expenses that can leave us short on cash before our next paydays. Within a few minutes and with limited paperwork you can get the cash you need to bridge the days until you get paid again.
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