| California May Cap Payday Loans
If a new proposal makes its way through the state Assembly in California, the cap on payday loans could increase.In need of a payday loan? Don't wait any longer - get the money you need today by completing an application with Pay Day 2 Go.
That is great news for people who need payday loans. When you use a payday loan, you are borrowing against your future paycheck; basically, you are using your own money, just ahead of time. However, you must pay interest on the amount that you borrow, sometimes as much as 460 percent annually, which can leave you in even more debt if you are not careful.
The current cap in California is $300; Assemblyman Charles Calderon has proposed to raise it to $500 this year. Tom White, Whittier's chief of staff, added that: "People don't have access to money often any other way than a product like this [...] they either can't qualify for a credit card or banks don't lend this amount of money generally."
Posted By Pay Day 2 Go on April 30, 2011 09:25 am | Permalink