Tonight, there will be a public forum to determine the future of payday loan lenders and pawn shops in the city of Des Moines, Iowa.

This will be the second round of discussion on regulation zoning which will ultimately decide where the payday lenders and pawn shops can place their stores.

City leaders are examining long-term zoning changes that could require a minimum separation distance between businesses. They are also looking into capping interest rates on loans made by pawn shops.

Iowa, apparently, gives municipalities the power to regulate interest rates and usury fees, according to officials in the city.

There are over 31 payday lenders in that Des Moines alone, many of them may have to disappear as a result of the new zoning rules, if they take place. Each lender employs an average of 5 employees, hence over a hundred jobs may be lost if the city decides to move forward with the new regulation.

Are you in urgent need of cash to pay off your store, credit, utility or grocery bills? If yes, then you can take advantage of a payday loan to pay off debt and get momentary relief from your emergency financial crisis.
Payday loan – What it means

Payday loans are short term cash advances, which are generally given to you against your next months salary. You can take a payday loan to pay off debt toward any bill. You can even take the loan to make the minimum payment towards your mortgage.

All you have to do is give a post-dated check to the lender, this will include the loan amount, transaction costs and the interest. The lender will get back his money by processing the check on your next payday. The pricing model is very simple, for every $100 you need to pay a fee of $25. So, if you borrow $1500, you need to pay back $1850.

Eligibility criteria for getting the loan
Prior to giving you the loan, the lender takes into consideration the following factors:
• Bank account: You should have a valid bank account. You need to provide the lender with the bank statement of the last 3 to 6 months.
• Fixed income: You should have a permanent job and a regular income. As proof of your income, you need to furnish salary stubs for the last 3 months.
• Age and residence: In order to get the loan your age should be at least 18 years and you have to be an American citizen.
Benefits of a payday loan

Some of the advantages of a payday loan are:

• You can get the loan for any reason
• You may get the loan instantly
• You don’t need a very good credit score to get the loan
• Minimum paperwork is required to get the loan
• You can solve temporary credit problems with this loan
• You can apply for payday loans online

Nevertheless, you should remember to only take out a payday loan from a reliable and authentic payday lender. When you take out a payday loan, you should make sure to pay off the debt with your next paycheck.

If you are looking to get a payday loan, then you have come to the right place. Pay1Day payday lender that offers payday loans directly to its customers without a middle man involved.

But if you are looking to read and learn more about payday loans, educate yourself more on payday industry, and get the latest news, then you this blog is a good place to start also but there are also a few industry respected websites on the net that we have briefed below:

About Payday Loan – An payday loan resource website that has great educational content that help you learn about payday loans and payday lending.

Payday Loan Blog – As its name implies, this is one of industry’s popular blog on payday loans.

Personal Finance – This is personal finance blog that has some valuable and educational content that helps you deal with your personal finance including your payday loans debt.

Payday Pundit – This is a website that is mainly for payday lenders like Pay1Day that provides latest news on payday lending that matters to the payday lenders. But if you are a payday loan customer, we still would like to recommend you read it when you get a chance.

Remember that as a direct lender, we at Pay1Day, would like to assist with your short term financial needs that includes educating you about your payday loan.

It is end of the month and most places you have to have until tomorrow (the 3rd) to submit your rent or you will get a late fee penalty. Penalty on rent can be costly anywhere from $25 – $75 in California. So if you think you’re going to be late on your rent simply because you don’t  have enough cash until the next payday, we recommend looking into borrowing money from a friend or relative and pay them back when you get paid.  But if that is not an option, there are other things you do.

Taking a payday loan from a trusted lender could be an option.  Everyday, there are thousands of Americans that rely on these trusted online lenders to help them with their short term cash needs. And very often, payday loans can be less expensive than the late fees you be paying to your landlord.

In fact these are the reasons where you should consider taking a payday loan or other short term loans. If you have a credit card, you can take a cash advance but make sure you learn all about their fees and risks by reading the fine prints. Traditional credit card cash advance loans can be a lot more expensive than payday loans, because they will have an advance fee, also will have higher APR than your credit card balance. In addition, taking a cash advance from credit card could reflect on your credit and could possibly hurt it as taking a cash advance loan could be interpreted as a negative point on your credit history.

But the great thing about taking payday loans are that they are often given based on your paycheck not your credit, which means as long as you pay them back, they will never be reported to your credit and won’t hurt your credit. They are less risky to take than other short term loans, and they are fast and convenient.

We have blogged about this topic many times before in this payday loan blog and throughout our website. It won’t hurt to briefly go over it again.

If you need a payday loan, I recommend you skip the payday loan stores and go to an online direct lender to get a payday loan. As you may have noticed, I mentioned direct payday lenders because there are many online affiliates that offer payday loans indirectly. Affiliates usually pass your information onto  direct lenders like us. There is nothing wrong with applying for a loan with a reputable online lender. We recommend, however, searching for an online direct lender because it has the following benefits:

- You will deal with the lender directly;
- The loan process will be faster and smoother;
- Payday loans from direct lenders tend to be cheaper;
- You will establish a relationship with the lender for your future loan needs;
- You ensure your data security and information because most direct lenders do not pass your information onto others and keep it for themselves.

Payday loans continue to be in demand among Americans due to the current economy. So you will have many choices. We recommend you apply for a payday loan online with a direct lender in order to save time and hassles.

In a strange turn of events it seems likely now that even the collections industry will fall under the vast reach of power under the new Bureau of Consumer Financial Protection (BCFP), housed under the Federal Reserve.

Of course this would be yet another example of an industry that is facing new regulation in response to the economic crisis which they did nothing to create, while those responsible were left out of the new bill because it was “too difficult” to deal with at this time.

Those in the collections industry thus far are seemingly disheartened by the over-reaching regulations and quick push to get the bill approved before first understanding the impact on those industries. This is somewhat understandable seeing as collections agencies are already tightly regulated and follow strict laws and outlines defined by the Fair Credit Act, by the Federal Trade Commission. Many in the collections industry are wondering specifically in new regulations could be soon implemented without though or regard to eliminating jobs, as has been demonstrated thus far with the financial reform bill.

ACA International, the association of professional businesses and individuals involved in the credit and collection industry, will reportedly attempt to work closely with the new BCFP in order to hopefully reach a fair balance on any newly imposed regulations.

It seems that other than creating more work for lawyers, the new BCFP will certainly be eliminating thousands of jobs once new regulations are implemented to countless industries. It is very un-nerving to already see them aiming to regulate industries, such as collections, that don’t actually deal with finance at all. I for one hope this does not eliminate jobs in the long run for our friends in the collections industry, who are doing a simple, straightforward, and regulated task of collecting debt on behalf of the lender. What’s next, do we regulate the office supply stores that sell pens to banks and payday lenders?

Today I was reading a payday loan resource website that educates others about payday loans and payday loan news, and I came across a very good article on payday lenders speculation on financial reform and how it impacts their business.

Payday loan industry another industry that may face new and harsh regulations. Already, many States have capped payday loan APR’s at a mere 36%, which seems high compared to other loans, but at 2 weeks for $100 the 36% cap means lenders could only charge $1.38 which is not enough to cover operating costs.

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The author in that article expresses that how the caps on payday loans at such low levels could drive many lenders out of the business simply because their costs are a lot higher.

Despite all the legislative regulations and pressures, many payday lenders are reporting increase demand in payday loans reports online direct payday lender Cash USA Payday Loans.

That is mainly because the US economy is not recovering fast enough, as most average US families find it harder to pay bills, and deal with financial emergencies. Also credit crunch remains to be a problem as many banks and creditors aren’t providing enough credit to people in case of financial emergencies.

However many payday loan lenders, included reputable and trusted lenders like Payday Loan Trust, find it hard to help all Americans who are looking for a payday loan.

Over dozen States in US have banned payday loans, and many others are tightly regulating it to “protect consumers” from high interest loans. But many payday loan lenders argue that their fees aren’t high because their loans are extremely high risk, as their default rates are higher than any other type of lending business, which is the main reason they have higher fees to cover the costs. Also, since the loan leads are expensive to get and they are targeted for short terms, they have to raise their fees.

It seems that consumer protectionism is in these days. Everyone knows that payday lenders were not the reason for the financial collapse of the Wall Street. In fact most payday lenders, with exception of a few, don’t even trade on the Wall Street.

Payday lenders were created on the main streets and belong to the main streets. Many Americans choose to go to payday lender because they trust them more than their banks.

There is much uncertainty about future of payday loans and the payday lenders.  In name of financial reform, many States are already hunting down the local and online payday lenders. They have introduced all sort of limitations and regulations such as caps on fees, loan terms, and even the loan amounts.  Some States such as Arizona even banned payday loans resulting in over 2000 job loss.

But not that wasn’t enough, the financial reform bill also known as financial overhaul bill that was just passed by the senate and signed by the president has added more to payday lenders’ concerns because in addition to already tight State regulations, there will a series of new regulations by Federal government that payday lenders should follow, putting many lenders in particular smaller lenders’ business and their futures at risk (hence more job loss).

The payday lending industry is a very small industry already. For example most of the websites on the internet that offer payday loans  are affiliates and lead generation websites but there are only a handful of true direct lenders on line. But there is a fear of it even getting smaller due to all these new regulations and policy changes by the States and the Federal government.

There is a nice article I found on the future of payday lending, that goes through this new financial changes in detail.  There is a nice quote in that article that says “The simple truth is that we in the payday lending industry offer a much needed service at a very affordable rate.  Our customers are happy with our loans, and we fully disclose every single detail of the loan”.  The author further says “We don’t target customer” . And I fully concur. We don’t seek our customers they find us.

American are beginning to lose faith in mainstream banks and lenders. They have ridicules fees such as overdraft fees that are much more expensive than payday loans. They have fine prints that fully don’t disclose. They prey on the youth such as students and make sure they go under debt as early as possible, so banks and credit card companies can make money as early as possible, and when customers fail to pay for their mounting credit card and their secured and unsecured bank debts, they will hurt their credit in such ways consumers run out of options.

That is why people refer to payday lenders like us, to seek alternative type of loans. And that is not going too well with the banks apparently, as they have managed to use their dollars (really their customers’) and their lobbying might, to battle the payday lenders.

According to Bloomberg Business Week, 576 people in WV will get sum of $305,000 refund in payday loan fees from 10 Internet  payday loan companies that lend out payday loans illegally. Payday loans are illegal in West Virginia as there are no payday loan stores.

Important Note: This is just a news brief and only for your information. Pay1Day or or any of affiliates, are not among any of these internet companies and do not provide payday loans to residents of West Virginia.