Gaurav Bhola, MSM, Managing Editor
The New Hampshire legislature decided not to cap payday loan interest rates at thirty-six percent in the state. After intense lobbying by payday cash advance lenders and consumer groups, the House subcommittee voted to kill off the measure. In its place they agreed to endorse a payday loan industry solution of an interest rate of more than ten times the amount of the original.
According to the New Hampshire cash advance lending industry, the thirty six percent interest rate cap would have wiped out the industry completely in New Hampshire; hence, the strong lobbying by the industry was a matter of survival. It is no wonder they prevailed, even though lawmakers were keenly aware of the nature of the industry.
Even though the legislators showed real concern for consumers and the impact of the short-term personal loans; nonetheless, the New Hampshire payday loan lenders’ strong influence prevailed. The influence of the payday loan lenders has been steadily growing since the 1990s.
Since the 1990s, the role of traditional financial and banking markets has evolved opening up opportunities for the payday industry. Many consumers ignored by the traditional financial banks found acceptance from payday lenders and check cash advance loan centers.
Thus far, over $41 billion in short-term cash advance personal loans have been given to consumers in need of cash flow to meet much needed everyday expenses.
The payday loan industry has been in many respects ahead of banks by seizing upon the latest technology to offer convenience to cash advance borrowers. For it is, in the past the only way to get a payday loan or cash advance was to go down to a payday loan center and fill out the paperwork. But now it is much simpler, you can simply go online, fill out a quick form and get a faxless payday loan.
The no fax payday loan is a unique way for consumers to access cash by allowing them to get a personal loan in a fast and easy manner. This distinctive way of offering convenience to consumers has revolutionized the cash advance and payday loan industry.
So, you no longer have to wait for a decision, within minutes you will know whether you are approved or not. Herein, no fax payday loan means you have nothing to fax and no documentation is required.
Since, the success of online payday loans, one would think if the New Hampshire lawmakers had favored consumer groups that the payday cash advance loan industry could have survived on the internet. But this is not true, as online banking is slowly becoming popular, banks still need the traditional banking centers in states to conduct majority of their business.
