New Legislation for Payday Loans- Payday Loan, Australia

New Legislation for Payday Loans

13 February 2008

Payday loans are a worldwide phenomenon at the moment with many consumers turning to them as a quick cash resource.

The Virginia Senate, in the United States has recently introduced payday loan lending reform in an attempt to help those who find themselves trapped in a vicious circle of debt.

The Payday Loan bill which has already passed out of the Senate Commerce and Labor Committee with a 13-1 vote doesn't limit the number of payday loans a person can have at any one time but it does give borrowers a five month grace period to get their financial affairs in order to repay their outstanding payday loan.

To get an idea of the fee structure in place for a U.S payday loan, lenders can charge up to 36 percent annual interest along with any other fees and charges that they have in place, such as a set up fee.

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