Do you need help with a payday loan? If you need to get your hands on some cash, you might be thinking about getting a payday loan. Maybe you’ve got one already. While this kind of loan might seem like a great way to get money fast, you should know that these loans – in the states that allow them – have significant downsides, including punishing interest rates and short repayment timeframes. Before you apply for a payday loan, you should fully understand how they work and seriously consider the costs involved, as well as the risks. You might change your mind about getting one.

Still, millions of Americans take out payday loans each year and, if you’ve got one already, this debt can quickly turn into a hole that just gets deeper and deeper.

Financial Warranty is here to help! Not all payday loans are the same: they vary from state to state and sometimes even go by different names like payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan. These loans can be extremely complex and payday loan companies have big bank accounts and expensive lawyers that they can use to get your hard-earned money.

State law sometimes limits the amount a lender can charge for a payday loan, limits the repayment period, or limits the maximum amount a borrower can get. Some states have gone as far as making payday lending illegal.

The Military Lending Act (MLA) is a federal law that prevents lenders from gouging military servicemembers and their dependents with outrageous interest rates. The MLA caps the interest on many kinds of loans at 36% per year and generally prohibits the extension of payday loans, vehicle title loans, and other types of harmful loan products to military personnel (and their families).

Federal regulators have established a rule that sets a nationwide set of minimum protections for consumers regarding payday loans. The federal law, which goes into effect on November 19, 2020, is called the “Payday Lending Rule.” Under the Payday Lending Rule, among other things, payday lenders have to perform a full-payment test before making a loan to figure out whether a borrower will be able to repay the loan.

So where do you fit into all of this? Financial Warranty’s team of legal and financial professionals will go over your case and make sure that your rights – and money – are protected. We’ll act as your sword and shield against the payday loan companies that took advantage of you during your time of need.