| Texas Payday Lending Could Receive More Regulations
The Texas Legislature passed two bills to Gov. Rick Perry that is intended to regulate payday lending by placing payday lenders under the regulation and authority of the Consumer Credit Commission. While the bills do not cap fees or loan amounts, if passed, they will force these types of loans to maintain additional licensing and rules regarding the loans to help avoid predatory lending.
Opponents of payday lending state that the problem with paycheck advances, cash advances, and other similar short term loans is that they are dangerous in the hands of some irresponsible businesses. As predatory lending practices are uncovered by lenders intent on taking advantage of uninformed loan applicants, additional regulations are being called for to help protect consumers.
As with any loan or line of credit, it is important to be fully informed about the loan you are taking out, as well as understanding the consequences of not paying on time in order to avoid unnecessary fees. At ConnectedCommunities our lenders will communicate with you to ensure you understand the terms of your online payday loan.
When you need a cash advance to help you through an emergency situation, use our online payday loan application to find out if you are approved within just a few minutes!