Pay Day Cash Advance - Easy and Quick Way to Meet Needs

Those seeking to take out a pay day cash advance in Illinois may run into a difficult time this year. Since part of a host of brand new legislation aimed to correct budget failure problems, the Illinois General Assembly passed on a new law in an attempt to curb payday lending and fill up several of the perceived holes in previous payday lending legislation. A new bill was also passed to help lessen the difficult amount of income theft, which is on the rise in the government. These new laws over Illinois payday advances appear to be a part of a recently available trend, as other states will also be passing laws seeking to help restrain cash advances.

The new payday lending law in Illinois, HB 537, passed through both houses of the legislature unanimously and reins in lenders in several ways. For starters, they could be prevented from charging more than 99 percent interest. This is seen as a positive change, although payday loan interest is often calculated rather deceptively. Also, payday loan amounts will possibly be set at income level, and matching monthly payment cash loan payments will be needed as well. Though these changes are not really particularly radical, they definitely will affect both lenders and applicants in numerous ways.

SB 3568 Strives to Curb Growing Wage Theft

Additionally to the most recent payday lending legislation, the Illinois General Assembly furthermore passed a new bill, SB 3568, which will make it simpler for workers to be able to report salary 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 absolutely adds to increased cash advance, the bill is expected to help solve predatory cycles. It is estimated at this time that employers across the state owe a lot more than $7 million. In order to avoid this specific number from increasing even more, the bill may also ensure it is a felony for an employer to owe $500 or more in back wages.

Payday Advance Alternatives in the Wake of Illinois' New Laws

In the wake of Illinois' brand new payday lending legislation, residents in Peoria or Chicago looking to take out a cash loan may find it more difficult, though not impossible, to do so. For those in other states, nevertheless, it would not be surprising to find new direct cash advance lenders legislation popping up across the nation, so if you are in need of a payday loan, you should look into your current state's laws and regulations and keep a watchful eye for new developments in state legislation.