Did you know that there are approximately 23,000 payday lenders across the United States? However, there isn’t a national “one size fits all” philosophy when it comes to payday lending. Every state handles high-risk borrowing differently and has different laws and statutes surrounding the practice. When getting help from a payday loan relief company, it can be beneficial if they have a national reach so they can navigate the differences that exist state by state.
Payday Lending has a National Impact
Payday loans continue to gain popularity on a national level, as consumers are faced with financial hardships and uncertainty. They are a quick and convenient way to access cash fast. Unfortunately, most people do not realize the extremely high finance charges these payday loans carry with them and often find themselves spiraling in debt. Getting national payday loan help is an option for those struggling financially from this type of unsecured debt.
It is estimated that 200 million Americans live in states that allow for payday lending without heavy restrictions, making it fairly easy for consumers to fall victim to predatory lending practices. However in more recent times, several states have made moves to limit payday loan finance charges to protect consumers against these high-cost loans. As of this writing and posting date, here are some interesting facts about payday lending from a national perspective:
Research and Take Action
Just like every state has its own rules and restrictions when it comes to payday loans, not all payday relief companies are created equal. It is crucial to find one that is reputable (highly rated with the BBB and has positive reviews from clients), transparent with their fees and practices, and is fully knowledgeable on the state laws surrounding payday lending, among other things. Payday loan relief companies with a national reach may add another level of credibility since they are knowledgeable on all aspects of payday loan law across the United States. It is likely that states will continue to evaluate and adjust their laws and practices when it comes to payday lending, so you want to make sure to get help from a national payday loan relief company that can offer you the best advice and service.
It can be overwhelming when you are in debt and in need of payday loan relief. Working with a reputable payday loan relief company with a national reach is the first step toward financial health and peace of mind. If you qualify to consolidate your payday loan debt into a repayment program, this action may be the best solution to get out of undesirable debt and on the path to financial freedom.
BSI is a BBB rated company with an A+ rating. We are a non-profit payday relief and loan consolidation company with a national reach. We invite you to contact us for a free evaluation of your current payday loan debts and learn how you may benefit from our consolidation program.