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Illinois Shuts Down 4 Payday Loan Stores

Illinois Shuts Down 4 Payday Loan Stores

In a recent article in the Chicago Sun-Times, State shutters 4 Payday Loan Stores, you can read how Illinois shut down 4 Payday Loan Stores due to violations of the 2005 Payday Loan Reform Act.

More and more laws regarding payday loans are being legislated in cities and states across America. If these laws made it so that payday loans were easier, with better terms and lower finance charges, it would be great for the consumer. But as we see here, many of these laws are cutting off access to cash advance loans from many consumers. While cash advances often come with relatively high fees, it can be useful to have them available when you need emergency money.

Perhaps online payday loans will be able to step in when people cannot get a cash advance locally. However, not everyone has easy access to the Internet, so they wouldn't have this as an option. Also, many of these laws would likely apply to any online companies as well, so they may not be able to do business in those cities or states any more either.

Payday loans are basically the only available source for credit for many people with bad credit, so it isn't at all clear where else they can turn for a personal loan, if cash advance services are not available.

Posted by Cash Advance Planet
Apr 6, 2006 2:04 pm

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