Cash advance services are certainly nothing like they used to be. Plagued by bad publicity in the past, the payday loan industry has certainly received a bit of an overhaul. This has been largely due to government legislation that has been put in place over recent years and the advancement of the internet which has made it possible for this industry to boom online.
Traditionally, cash advance services were renowned for astronomical fees, low competition and contributing to a cycle of ongoing financial hardship for many people who took out these loans. They were seen as an industry that prayed on people in a vulnerable financial position and this, understandably, attracted the attention of many government bodies in the US. This prompted many states to tighten the reigns on companies offering cash advance services and put legislation in place that aimed to protect borrowers from exploiting people who were experiencing tough economic times. This legislation has meant that cash advance services are now rather restricted in regard to the amount they are able to lend and the rates they can charge for their service.
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