It really was not that many years ago when if you needed to borrow money online from a fast payday loan service it really didn’t matter what state you live in. This is because all the rules and regulations governing these loan venues were pretty much the same state to state. However, that was then and this is now. Because now it seems that each state in the US has their own set of laws governing these sites.

Texas for example, which has the largest number of people who borrow from online payday loan sites has recently enacted some of the most stringent laws governing them. For instance if you live in the state of Texas you’re not allowed to borrow more than 33% of your monthly income. That’s after income taxes and deductions have been taken out of it. What you end up bringing home.

Then still yet other states in the US have taken other avenues to limit what their citizens can borrow when they need the money. In those states they simply limit the amount, and in some of them it’s down to is little thought as $500 per loan. Then some have even gone further than that by also restricting borrowers to only four loans per year. After your fourth loan, you’re simply cut off.

Then if that isn’t restrictive enough, it goes even further than that. Would you believe that in some states in the US now you are not allowed to borrow from a payday loan site at all? Well it’s true because they’ve been banned completely. Of course you can still access the site online, and apply if you want to but if your information shows that you reside in a restricted state, your application will simply be denied.

So now you may be wondering, how in the US where you’re continually being told that you live with a free economy that they’re allowed to do this? The government can actually tell you how and how much money you can borrow when you need it. The simple answer here, is that if you were to ask one of the politicians who’s enacting these laws they would tell you that they’re trying to protect you. So just who are they really trying to protect?

Industry insiders and anticorruption activists are all pretty much in agreement that it’s not their constituents that these politicians are looking after when they enact these laws. So who are they protecting then? Of course they won’t admit it but there a lot of angry people out there who insist that it’s wealthy campaign contributors in the banking and credit card finance business that are really being protected here.

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