donniesuttonjs's notebook

Pay Day Cash Advance - Easy Cash With No Paperwork Or Faxing

Those looking to take out a cash advance in Illinois can run into a hard time this year. Since part of a number of brand new legislation aimed to correct budget shortage troubles, the Illinois General Assembly enacted a new law in an attempt to curb cash advance and fill up some of the perceived holes in previous cash advance legislation. A brand new bill was also passed in order to lessen the complicated amount of wage theft, which is growing in the government. These new laws and regulations over Illinois pay day cash advanceappear to be a part of a recent trend, as other states are also passing laws attempting to be able to restrain cash advances.

The new cash advance law in Illinois, HB 537, passed through the two houses of the legislature unanimously and reins in the lenders in many ways. For starters, they will be prevented from asking more than 99 percent interest. This is seen as a big difference, although cash advance interest rate is often calculated rather deceptively. Also, payday loan amounts will possibly be set at earnings level, and equal payment per month cash loan payments will be required as well. Though these changes are not particularly radical, they would certainly affect both lenders and borrowers in various ways.

SB 3568 Strives to Restrain Rising Wage Theft

In addition to the new payday lending legislation, the Illinois General Assembly furthermore passed a new bill, SB 3568, which can make it easier for workers to be able to report paycheck theft of $3000 or less. Last year, there has been over 10000 reported cases of paycheck theft, and since this is such a major problem that certainly contributes to greater cash advance, the bill is predicted to help solve predatory cycles. Statistics show at this time that employers across the state owe a lot more than $7 million. To prevent this particular number from skyrocketing further, the bill may also ensure it is a felony for an employer to owe $500 or more in back earnings.

Payday Advance Choices in the Wake of Illinois' New Laws

In the wake of Illinois' groundbreaking cash advance legislation, residents in Chicago or Peoria looking to take out a payday loan may find it more difficult, though not impossible, to do so. For all those in other states, however, it would be not surprising to find new payday lending legislation coming up around the nation, so if you can be in need of assistance of a payday advance, you should look into your own state's regulations and keep a watchful eye for new developments in state legislation.