http://www.paydayloanadvice.com/payday-loan/fast-cash-payday-loan.html Fast cash payday loan - when and why should these be used? Avoid using a fast cash payday loan unless you absolutely have no other choice. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 Are you considering taking out a fast cash payday loan to provide you with the solution to an urgent, unexpected financial dilemma? Well, before you make the plunge, it's not harmful to familiarize yourself with the way the fash cash payday loans work. Studies Reveal... In 1999, PIRG and CFA members surveyed fast cash payday loan lenders in 25 states and the District of Columbia. On a national level, fast cash payday loan lending can be broken down into three categories: One: In general, these 19 states ban cash til payday cash loan lending by a low usury ceiling or interest rate cap, as applied to small loans (On an interesting sidenote, within this category, IN's Attorney General opined that fast cash payday loan lending is subject to Indiana's state interest rate limits and criminal loansharking laws). Two: These 8 states do not prohibit payday cash loan lending because there is not already an existing enforcement of a ceiling on usury small loans. Licensed lenders make loans in these states, including Oregon and Illinois. These loans are subject to state credit laws and supervision by regulators. The deregulation of interest rates permits fast cash payday loan lenders to charge interest rates that exceed the typical small loan cap. Three: payday loan lending is authorized in these 23 states and the District of Columbia. The authorization is by specific laws within that grant safe harbor from usury or interest laws. Ordinarily, maximum fees are established, along with other terms and specs of the loan. Remember, if and when you apply for a cash loan, the average APR is 474%. Of course, various states have their own unique laws which set different fee caps to establish a fluid range of APR's. So then, if you just have to have that $500 advance, remember what you can expect to pay in fees. If your situation is dire enough, you very well may not have any other options. However, if you're after something that's more of a want than a need, perhaps you can reconsider. Sat, 26 Jul 2008 15:00:00 EDT