State Regulations in Alabama, Florida, Ohio, Virginia, Illinois and Nevada
To ensure that usury is avoided at all times, different states have passed legislation regarding the use of cash advances and similar loan programs. These programs are legal in all the states but there are differences in terms of limits, additional charges and interest rates. It is best that you know your stateâ€™s regulations concerning cash advances even if you avail of the program online because, chances are, online companies offering cash advances also bend their rules depending on the location of the applicant. Below is a list of the guidelines in some of the most popular states for cash advances:
Cash advances in the state of Alabama are subject to a 17.50% fees and finance charge. Maximum cash out per transaction is about $700 with a 10-day minimum and 31-day maximum term. If you are living in Alabama, choose lenders that offer not more than the fees and finance charges that have been set by the state regulations. The best lenders within the state should strictly follow the rule that only one rollover is allowed in order to keep you debt-free for longer periods of time.
In Florida, cash advances are allowed with a 10% fee plus a verification fee that is determined by the lender. The business in Florida is more alive than in other states because of the increased living costs. That is why lenders are rooted in Florida either physically or virtually. With such programs, it becomes easier for Florida residents and tourists to cope with the relatively high cost of living without being buried in debt in the process.
Ohio offers the best terms for cash advances. They have 60 days to pay back the money owned, with the $10 per $100 fee plus a 5% finance charged every month. In addition, Ohio has the highest one-time loan of $800 per transaction.
If you are living in Virginia and suddenly find yourself in need of instant funds to pay for an emergency expense, apply for cash advances through the best lending companies. The best loan agencies in Virginia have a $500 maximum cash out and a fee of $15 for your first loan.
In Illinois you donâ€™t have to live from paycheck to paycheck with the best loan companies around. The size of cash advances depends on your monthly income as you can borrow as much as 25% of your gross monthly income, granted that the amount is lesser than $1000. You can pay back the money, plus the $15.50 per $100 finance charge, within 13 to 45 days.
The Sin City is one of the hotspots for cash advances primarily because of the presence of several entertainment districts. Luckily, the state allows a maximum of 60 days for cash advances to be paid back. The maximum amount that you can cash out per transaction is 25% of your gross monthly income. The get the best rates, secure a certified true copy of your proof of financial stability when applying for cash advances.