Payday Loan Industry Watch Home News and RSS Newsfeeds Podcasts Reviews Tips Links
About Us
Contact Us
Donate/Sponsor
Site Help
Find a Lender
Header

How are payday loan companies regulated?

Mostly by state and local laws.

Unlike banks and credit card companies that are heavily regulated by the Federal Government, States and their laws largely regulate payday loan companies.

Laws regulating payday loan companies vary widely from state to state (and locality to locality) and we cannot hope to reference every regulation and statute here. In many cases the laws and statues have broad interpretations anyway, so listing them wouldn't be helpful. When we have been able to determine (or, not determine) which State regulates a payday loan company, we note this in our reviews.

We can tell you that many states do not permit payay loan companies to operate within their borders. Usually, a payday loan company will declare up front whether or not it can lend to people in a particular state. However, not all companies declare where they can lend--they only declare this information after they have pre-qualified a borrower. This is a poor practice and we always note this in our reviews.

When you want to know more about the laws regulating a particular payday loan company, please refer to the State Website in which that payday company is regulated for details. (Example: For a payday lender working within Maine regulations you would go to www.maine.gov and then search for "payday loan".) Also, you can contact that State's Office of Bank Commissioner or similar regulatory body.

Next Tip

How do payday loan companies make money?

Related Tips

How are payday loan companies different from other lenders?

Return

See the Tips Index.

E-mail This Page Open a new window and send this page to a friend.
Share this page by E-mail.
Reviews Reviews page.
July 21 - WeGiveCash claimed we could get $1,500. But, after entering qualifying customer information, we were declined and then forwarded to another Web site to re-apply.
small payday loan industry watch logo Home News & RSS Podcasts Reviews Tips Links Find a Lender About Us Contact Us Donate / Sponsor Site Help
Terms of Use Privacy Policy Site Map copyright © 2005-2022 pliwatch.org all rights reserved Updated: Nov 22, 2022 08:00 EST