America is a country of laws. A LOT of laws, more than any one person could possibly know all of.
When it comes to lending law, it is important to know the details.
Lending law can be both federal and state, usually both. The federal government has over-reaching laws that apply to all states. The individual states also have their own rules and regulations.
There is no reason to try and remember all of that. Here are a few handy links to resources that will help you educate yourself on the legality of borrowing money.
State Lending Law
Each state of the union sets rate caps for money borrowed within its borders. They have the authority to set the legal parameters for who is allowed to lend money, for how long, and how much interest they can charge.
To find what consumer lending laws directly apply to you, follow this link to your home state.
Payday Lending Law
Payday loans are often considered a separate kind of borrowing. Most states have established their own “usury” laws to stop predatory lenders from preying on unsuspecting consumers.
Even if you are looking for an installment loan, which is much different from a payday loan, you should still educate yourself on your state laws.
You can find the payday lending regulations for your state here.
Overview of Federal and State Lending Law
It may be a lot of take in, but we also recommend you take a quick look at this. It gives a general overview of lending laws in our country.
When banks and lending institutions incorporate, they can charter under state or federal law. It’s a good idea to understand the broad strokes of American finance regulation before you take out any kind of loan.
National Small Loan specializes in installment loans up to $500. We are a licensed tribal lender. Contact us today for more details on how to get the money you need today.