top ten online payday loans

City and statewide officials say curbs are needed on the payday lending industry

Decrying lobbyists' influence in the state Capitol, a range of California leaders on Monday called for curbs on payday lending to better protect consumers from the spiraling debt that accompanies the triple-digit interest rate loans.

The reactions from statewide officials, city leaders and philanthropists come after a Bay Area News Group investigation published Sunday outlining the hazards of payday loans and the industry's warm reception in Sacramento.

Payday loans, which burden the working poor with annual interest rates as high as 460 percent, have grown in California, even as 17 states and the U.S. military have effectively banned the cash advances on paychecks. In contrast, state lawmakers here are now pushing a bill to expand lending amounts and fees, while accepting ever-more campaign contributions from payday lenders.

On Monday, however, two state senators joined Insurance Commissioner Dave Jones in calling for stepped-up regulations on payday lenders, either through a ballot measure or new legislation.

"People are having to forgo food on the table or clothes on their backs or transportation in order to pay back these loans," Jones said. A former Assembly member, Jones said he introduced a bill in 2007 similar to those in other states that cap interest rates at 36 percent because "the evidence was really compelling that the rules needed to be changed in California."

But he added that because payday lenders are "extraordinarily influential," Sacramento lobbyists persuaded Assembly leaders to shelve his bill.

Call for a cap

Two senators who sit on the committee that will soon hear the industry-backed bill to expand payday lending -- state Sens. Ellen Corbett, D-San Leandro, and Mark Leno, D-San Francisco -- agreed with Jones that interest rates need to be capped.

"The industry needs serious reform due to the financial damage it has caused many families," Leno said in a statement. "Allowing borrowers to get into deeper debt is not a realistic solution.

Guide to Payday Loans

Intro

While payday loans get a bad rap and often times for good reason, they can be very helpful if used properly.  This guide is used to provide some basic information on payday loans and offer tips on how to use them to get out of a financial bind.    Most bankers and people involved in finance have a very negative opinion about payday loans.  They will go on about how payday lenders are simply loan sharks and point to absurd interest rates as to why they should be banned.  While pointing out the high interest rate is a valid point, rarely is another viable suggestion to people who have a short-term cash flow problem pointed out.   Suggesting that people should get a loan from their bank is not very realistic as the people who typically qualify for loans are the people that don’t really need them.  Getting help from family or friends is usually an iffy proposition for a number of reasons that most people want to avoid if they can.    Payday loans offer a way to get quick cash with little hassle and can be helpful for people who go into it with a plan.

It is extremely important to note that payday loans should only be used as help for a one-off situation where you need to get by for a short period of time (no longer than a month).  They can be helpful if used correctly; however, if used incorrectly they can become VERY expensive and should not be used if you have long-term financial issues.  I would only recommend taking out a loan if you need a couple hundred dollars for an unexpected expensive that you KNOW you will be able to pay back in a short amount of time.   If you have doubt about your ability to pay back the loan, including all fees, then you probably have a bigger issue and should come up with a better long term plan.

 

How to find one

There are PLS loan stores all throughout Chicago that are available during normal business hours.   While not as easy as receiving a payday loan online, you at least know that there is a physical company you can go to should you have any type of customer service issues.  If you do resort to looking online, toptenreviews.com has reviewed and posted their top ten online lenders ( http://payday-loan-service-review.toptenreviews.com/ ).  If you go searching around, I would recommend using a junk email account as you will be endlessly spammed if you are checking prices from multiple sites.  Try to find sites that have some sort of review from an independent third party to assure you are working with a legit lender.

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