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By: Juan Bryant

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Wednesday, 4-May-2011 19:02 Email | Share | | Bookmark
Quid Loans in US - Know the Rules

 
Quid Loans are legal in many states of the United States. Though in Georgia as well as in twelve other states acquiring or disbursing these loans is illegal. If the loans are not clearly banned, laws which prohibit payday loans are in the usury limit form.
Some of the payday lenders have productively formed a relationship with countrywide chartered banks to overcome the usury laws. Payday loans have been one of the growing industry and have spread to different places. The supporters of business lobby tries to prohibit these high cost loans for customer protection. But lenders lobby tries to enable the practice of payday lending in different regions of the state.
Federal regulation
Though the payday loans are regulated by the states but Congress of the United States passed one law in 2006 October which stated that maximum 36 percent APR can be charged for lending to the military personnel. These were made as the Defense Department felt that payday loans ruined finances of low paid enlisted men. Some of the legislators and regulators tried to prohibit these loans for all borrowers and not for military men only. They viewed that these loans could cause financial troubles to all lower-middle class people.

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