Borrowers online have a dizzying amount of choices for payday loans, said Feltner. One of the biggest concerns is that those loans are not all regulated -- they dont always comply with consumer protection laws in the states where they operate.
The online lending industry says small-dollar loans can be helpful for people who dont qualify cash advance newton falls ohio traditional forms of credit. Since the financial crisis, banks have tightened their lending requirements, said Peter Barden, a spokesman for the Online Lenders Alliance, a lobbying group.
For consumers in need of a couple thousand dollars to make ends meet, they have nowhere else to go. Payday loans, which are generally for small amounts of money (usually between 100 and 1,000), are designed to help people make it to their next paycheck.
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