To find that out, consumers have to read the fine print on a lenders website. If theyre not licensed, lenders may not be obeying the law. 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 for traditional forms of credit. Since the do payday loans go on your credit file 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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Getting the help you need isnt always easy. Day-to-day life can be a struggle if you arent sure how to keep up with the bills, pay for food or find proper shelter. Unfortunately many people living in Dayton struggle with things like this every day. It can be difficult to get help if you dont know where to look. But rest assured, if you live in Dayton, there are many programs and organizations that can help.
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