Some states have upper hand in short term loans

Consumers dealing with an emergency that could affect their financial situations often turn to short term lending options, including short term loans.Such borrowing plans can often benefit the individual when an unforeseen expense arises. Loans.org decided to look into which states have the easiest laws regarding loan acquisition after the Idaho Press reported on lenders in that state. The source said citizens in Idaho can often face regulations that make qualification relatively easy. According to Loans.org, it may be easier to obtain a short term loan in Utah. Nowhere in Utah state law does it restrict consumers to a certain amount when borrowing. Additionally, the state's lack of a usury limit gives lenders a distinct advantage. Loans.org also consulted with the Consumer Federation of America when reporting there is no limit in Utah on how many different loans people can take out. Lenders looking to branch out into another state or relocate should consider researching short term lending laws at the National Conference of State Legislatures website. The source explained that in a number of states, including Arizona, Georgia and North Carolina, these types of short-term loans are prohibited. Many other states have restrictive statutes.