When cash strapped individuals look for money, there are few places they can turn without needing some type of collateral or credit. One of them is payday loans and advertising laws have been a major part of the industry’s fight to get more customers and make more money. Many people feel that payday loans are a necessary evil and that most people do not want them, but it can save lives in certain situations. Even people who struggle with a payday loan trap often defend them as life savers despite the cost.
When it comes to payday loan advertising, there are a few laws in place that might make a difference when it comes to places that you see them. In fact, sometimes the advertisements will skirt the law and make it a lot harder for states to avoid payday loans in their state.
Internet Payday Loan Advertising
For states like New York, payday loans are just too much for the populace to handle. They have high interest rates, they lead to extortion interest rate payments, and they are often crippling to many people who take them. In some cases, they even lead to suicide and other physical harm because of the money involved. Either way, the fact that New York has banned payday loans does not mean that it has gone away. Far from it, in fact; New Yorkers see online advertisements for payday loans all the time.
Even though there are laws in place that avoid New Yorkers from taking payday loans at a brick and mortar location, that doesn’t mean they cannot go to online payday loan websites and get the loans that way. This is exactly what many citizens are doing and it is completely skirting the law that bans the loans in the state itself.
Whether you are in a state like New York or one that allows payday loans, you will find that internet marketing by payday loan companies is very competitive. There are plenty of sites that offer a lot of money and without a single background or credit check. These typically are given with extraordinary interest rates and it is a shame that people fall victim to their marketing.
Allowing Advertising for Payday Loans
A lot of legislators want to avoid advertising for payday loans on and offline. Many billboards attract customers and even some sporting events get sponsored by companies that offer payday loans. The majority of people who are watching certain events will need money and advertising for payday loans can be a huge problem.
Anyone who has fallen victim to the payday loan trap with advertising will find that it is a bittersweet feeling. Most people do not enjoy that they are in a situation where they owe so much money, but other people can’t help it. Unfortunately, until legislators change advertising laws for payday loans, it will be possible for people to get money over the internet very easily. When you do get a loan make sure its something you can pay back quickly or you could fall into the payday loan trap that most people fall into. If this is the situation let us know so we can get you some help.
