Fast Cash Businesses Popular in U.S.

Posted On: February 23, 2010 at 10:15 a.m.

Filed Under: business law fast cash internet business

If we didn’t already know this, I thought this article coming out of Internet Business Law Services was helpful to position the debate about the fast cash business in the U.S. It is a popular, growing business that helps a lot of people in need, living paycheck to paycheck. Of course, it has its opponents. Here’s a snippet from their site: [[ads]] “Fast cash businesses are very popular in the United States (U.S.). They offer several small loan options such as payday advance loans, tax check advance, cash advance, among others. These traditional businesses, however, must comply with laws and regulations intended to protect consumers. Some of these laws are state usury and small loan/short term laws. Federal financing laws usually do not apply to these businesses because they are not federally insured, given the small amount and short term of the loans offered. Whether the federal government should regulate these businesses is the subject of debate in the U.S. Some groups strongly oppose fast cash businesses because, they claim, these businesses abuse the needy. Other groups support them because they provide a small relief to Americans who live paycheck-by-paycheck” (http://www.ibls.com/internet_law_news_portal_view.aspx?s=latestnews&id=2303). These businesses, as this article mentions, must comply with local and federal laws. These laws are currently what is under scrutiny. Hopefully at some point the laws and the industry can work together rather than against each other.