It seems that anything related to payday loans or short term lending is in the news these days. There seem to be dozens of news articles and internet posts every week that touch on some aspects of direct payday lenders. Many consumers are looking for direct payday loans online, only to find a loan that doesn't fit their best interest. This in turn causes people to complain and that's where we are now. The Federal Government as well as many states are looking to change the laws that govern financial institutions. Many states already have rules and regulations that they claim oversee direct payday lenders in their state. As we move through 2023, it will be interesting to see how the Federal Government chooses to roll out its new lending regulations. We anticipate many new regulatory updates on the state and county/city levels. Already this year, we've seen the CFPB propose sweeping changes that would force many online lenders out of the industry. Besides, cash advance companies, these legal updates will also affect car title and installment loan lenders.
Whether this is the right thing to do is something to debate another day. There will always be borrowers looking for secure financing. You can always count on companies to offer different financing products. Many companies in our list of online payday lenders are shown on our homepage! There is no doubt that these changes are coming and that they will be big changes.
We will constantly update this page with news and regulatory changes that could affect the broader payday loan industry. As mentioned above there will be many new changes coming on board that will shake up many of the largest companies in the US. Whether these changes are a good thing or a bad thing is something we'll try to avoid. We understand we may have a bias as this is a direct payday loan-related site. Yet, we always advocate for the right decision for the consumer searching for online financing. As always, we'll try to keep our commentary about anything related to general news of the short term loan industry. Expect to see blog posts over the next few months with feedback and analysis from the Payday Lenders Now writers and contributors about topics ranging from lending laws to the increase in payday installment loans. We will touch on most of the payday loan news and regulatory changes of the day. Stay tuned for much coverage on everything related to online lending!