It seems that Montana might be the next state that could be incorporating payday loan interest rate caps. Myloansconsolidated.com is reporting that there is some new news out there regarding Montana, and a potential vote on a payday loan law that could be passed. If the law passes it would put a cap of 36% interest rate on payday loan and cash advances.
States jumping in and trying to regulate these short term loans is something that is not anything new, however what state will be affected next is what we are all watching. We work a lot with the payday loan leads and want to make sure we are knowledgeable of any new payday loan news going on. We will all wait and see if Montana implements this new law. Stay tuned.

In NY there seems to be some interest with potentially passing a law that would allow check cashing stores to lend money. The bill, they would call the “Short-Term Financial Services Loan Act”, would potentially allow registered check-cashing stores to make loans between $300 and $2,000 for 90 to 180 days. The loans could not be more than 25 percent of a borrower’s gross monthly income; installment repayments must be 10 percent or less. This could certainly benefit those frequenting the check-cashing stores that are paycheck to paycheck. New Yorkers are in need of this sort of short term loan because there are about 825,000 un-banked adults in New York City, according to the Department of Consumer Affairs, and this is something I am sure is similar in some of our nation’s largest cities. Advocates of this new pending law are wanting it to be known that this is NOT a payday loan, but it is in fact a loan with a repayment schedule that has installment payments within two days of a borrower’s payday.
No matter what it would be “called” it seems that there could be some additional resources for New Yorkers that are paycheck to paycheck. If a law like this is passed in NY, then will other states follow? We shall see… Stay tuned!

Payday loan lenders are not going to be happy with the Wisconsin governor because of a recent bill he just passed. Unfortunately, this governor felt the need to pass a payday loan bill that will put tighter restrictions on the payday loan industry. In addition, he even threw something in the bill that is also going to put restrictions on the auto title loan industry too.
Each of these states putting more and more regulations on payday loans is going to leave consumers with no resources to help them. Where are consumers going to go now, in order to get help with small unexpected bills that come up?

Canada is no longer an out of the way market that U.S companies do not want to do business with. Many of the hot Canadian companies are all coming together to try to sell themselves. These agencies are going to be traveling around the United States to show marketers that cities like Montreal and Quebec are the ideal new hot spot for market testing. Why is this? According to adage.com, “its language barrier prevents much outside media from seeping in, and vice versa — makes it an ideal place for U.S.-based marketers to experiment with new ideas and approaches before rolling them out to wider audiences.”
Several larger companies such as MasterCard and Mazda are way ahead of the game and have been utilizing Canada as a test market for several years now, both with great success. By testing in a smaller market with a smaller budget, marketers are able to see what works and what does not with out throwing their whole budget out the door. This also allows companies to try a more “out of the box” method.
LeadPile is a head of the game when it comes to working in Canada. Currently we are generating Canadian payday leads in Ontario. We are finding great success generating leads in Ontario and have plans to expand to some of the other Canadian markets.

Payday loans are something that we discuss a lot on this blog, and are happy to let our readers know that we are expanding our payday loan/cash advance market into Canada. There was a high enough demand to warrant Leadpile to venture into this fairly unsaturated market. We are proud to be able to help those in Canada get connected with those lenders that want to provide them with one of these short term loans. If you are already a Leadpile publisher, you can access this new offer in your seller account. If you are not currently a part of the Leadpile Marketplace, contact us immediately!!! We look forward to this great new market that we are now venturing into!

I came across this article about nursing homes providing payday loans to it’s employees and it intrigues me because this just goes to show you that there really are a lot of people that need extra short term cash. Nursing homes offering their employees short term loans might not be the answer to helping those that need help, but the point is that there are people everywhere (working and not) that are looking for some short term help. Regulating nationwide payday lenders to the point that causes places like nursing homes to provide loans really the answer? OR coming up with a solution to help those that need short term cash the answer? There has to be a middle ground where getting short term loans should be easier than having to necessarily go to your employer …right? Nursing homes are for taking care of our elderly AND payday lenders are for taking care of those in need of getting some quick cash. The payday lenders should not be taking care of the elderly and the nursing homes I do not believe should be lending money.