Many of them are little more than professional loan sharks. Spotloan gives you a clear payment schedule with a clear payoff date upfront. They don't want you to wallow in a permanent mire of never-ending interest. They want to help you with a short-term solution, not a long-term trap.
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5 million for making payday loans to Connecticut residents, according to Bloomberg News. The Otoe-Missouria maintains it has a legal right to lend in states where payday lending is illegal because it follows federal and tribal laws. Payday lending isnt outright illegal in Virginia, but it is in other states. A total small immediate personal loan 15 states and Washington, D.have enacted interest rate caps that effectively outlaw any kind of payday lending, whether its from storefronts or online companies, according to the Center for Responsible Lending, a consumer advocacy group based in Durham, North Carolina.
Still, even in those states, consumers can access digital lenders. Many of these companies claim that because they operate online, state law doesnt apply to them.
ETaxLoan isn't a lender at all, but something called a lead generator. It finds potential customers, then passes them on. When I tried to contact eTaxLoan to learn more, I might as well have been looking for the holy grail. The company's customer service line connected to a recording that said "due to an overwhelming response to great loans," it could not take calls. The site lists an address in Delaware - but the company isn't at that address. I spent days trying to find the company's physical location, without success.
And when I tried to call back the people who had offered me loans, I couldn't get through. But eventually, I did find someone willing to small immediate personal loan about the business. Jack Murray heads Fix Media Group, in Virginia, which has a site called wefixmoney.