Cash
advance industries are now being conducted in an
increasing number of American jurisdictions. The
cash advance (i.e. - payday loans) business appears
to be growing and payday loans are actively sought
by consumers in the states where it is being
conducted. This is a strong indication, resulting
from market forces, that the cash advance industry fulfills a vital consumer
need.
Many
consumers clearly prefer the option of using cash
advance services as to arrangements with other pawn
brokers. The cash advance industry provides payday
loans to consumers without depriving
the consumer of the use of their own household
appliances or personal assets. In many instances, payday loans enhances the financial standing
of the consumer. An individual who needs $300 to pay
for the cost of repairs to his or her automobile,
which is essential to getting to and from
work, will benefit greatly by retaining the
employment at the cost of a short-term cash advance.
Most of those who utilize pawn brokers have only
pledge able assets in the form of home appliances,
or collectibles such as items of sentimental value.
Under these circumstances, the consumer would prefer
to maintain possession of their properties and have
the use of that asset during the period in which a
cash advance is needed by the consumer.
It is
essential to note that the cash advance industry represents an important source of
short-term cash need. A canvass of state regulators
indicates a general absence of consumer complaints
in connection with the provision of payday loans
services. The current state of American Law reveals
that jurisdictions encompassing over a third of the
country have statutes authorizing cash advance
services or have laws that facilitate operations of
the payday loans.
IMPORTANT NOTICE: Payday loans are primarily
designed for short-term cash advance. It is in your
best interest to borrow only what you can expect to
pay back. All Hot Payday's transactions are deem to
have taken place in Utah and must abide by Utah
state laws regardless of your physical location.
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