By :
Andrew Scherer
Copyright (c) 2012 savvycontent.comIf you have any income that's at least $250 per week, and you also have a bank account, and are 18 years of age or older then chances are you qualify for a fast online loan. These loans are also unsecured which means that you don't have to put up any collateral. You don't have to wait for your money either because most sites can now process your application in his little time as 24 hours. However, there is just one catch.That is that at the present time six states in the US now don't even allow payday loan franchises within their borders. That's both on and off-line lenders so if you're short on cash and don't have collateral for a pawn shop you're simply out of luck. Then other states have enacted laws that make it more difficult for borrowers to get their hands on a fast loan in times of need. Laws of for instance that restrict their citizens to a minimum of four loans per year.In other states though lawmakers have taken a different approach with regards hostile actions towards fast cash lenders. In those states they limit the amount that their citizens can borrow from a payday style cash lender. Would you believe that in some of those states you can only borrow up to $500, and no more? Well it's true, and here in these inflationary times where it's not uncommon for utility bills to exceed $500.Lawmakers in Texas on the other hand have taken a unique approach to restricting their citizens access to a fast cash advance during their times of need. In Texas rather than limiting the number of times that you can borrow or the amount of money that you can get when you borrow, lawmakers have instituted a different type of restriction. In Texas you are allowed to borrow no more than the equivalent of one third of your monthly income.So then why is it that state lawmakers are enacting so many restrictions against payday style lenders in the folks who borrow from them in the first place? Well would you believe that in an age when home foreclosures are at an all-time high, resulting in more families than ever are being thrown into the streets by their local banks, state lawmakers will tell you that they're enacting these rules for your own protection? You read that right they're doing it to protect you.At the same time though, banking industry experts will tell you in private that the reason behind all the new restrictive laws is that payday lenders have cut too deep into the profits of banks, credit card companies, and credit unions. Far more politically connected business entities that have the political connections and the money it takes to influence lawmakers to take action on their behalf.
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