District of Columbia Cash Advance
Like other states in the country, Payday lenders in the District of Columbia are fighting an uphill battle because of the existence of some lenders who not ethical in their dealings with customers. At present, it is still possible to obtain a payday loan here, but this may change in the future. At Same Day Payday, we are committed to giving you the best loan for your financial situation in a quick, easy and stress-free manner. Who not check out how we can help you today?
Laws Pertaining to Payday Loans in the District of Columbia
It is legal to obtain a payday loan in the District of Columbia and there are restrictions in place to help regulate these businesses. It is legal for lenders to charge high rates of finance charges for loans as long as the lenders follow the standard procedures the state has in place. In order to borrow from a payday lender, you have to give the lender a post-dated check for about two weeks in advance. At the end of the term of the loan, the lender then deposits this check into the bank and the bank withdraws the money from your checking account as repayment of the loan. In some states it is legal for the lender to automatically withdraw the funds from the borrower's bank account and this is what is causing problems. This practice is illegal in the District of Columbia.
The business of payday lending is rapidly expanding in the District of Columbia. New locations are opening all the time, which makes it difficult to determine the exact number of lenders that are operating in the state. The best way to describe the industry in this state is to say that it is not very difficult for you to find a payday lender when you need one.
District of Columbia Employment Statistics
In January 2006, the employment rate in the District of Columbia was 5.4%, with 15,810 people unemployed. This reflects a large decrease from the same month in 2005, when it was 7.0%. Unemployment rates have been up and down over the past ten years ranging from 4.8% to a high 9.0%