There was a time not too long ago when pawnshops where really the only option when you were in need of a fast cash advance. The problem there though was that they required something of value that could be seized and resold. Even so, all too often pawnbrokers just didn’t want to lend enough money, so all things combined it led to the advent of online payday lenders.

So for starters the first thing that payday lending sites have over your local pawn operator is that you don’t have to haul a piece of valuable property over to their shop. On the other hand an online lending site will cost more on the front end but when it all is said and done they don’t want to take your property from you and sell it at a huge profit.

So it may come as a surprise to you that the online cash advance option may not even be available in your state. In fact roughly half the states in the US don’t even have payday lenders in them, either locally or online. Now some are banned outright while other states have enacted laws that make it “unprofitable” for small lenders to operate in them. So then just who are they protecting anyway?

Now your elected representatives will tell you that it’s your best interest that they’re looking after. Essentially that you’re not capable of choosing what’s best for you and your family when you need a short term loan? But then you have to ask yourself “why if they’re looking out for us so well, how is it that banks have been able to engage in their predatory practices for so long?”

All you have to do is look at all the businesses that compete with online lenders to see that this just isn’t so. For instance no doubt pawnbrokers are more than glad to see online loan sites cut out of the picture. For one thing payday cash advance venues tend to give bigger loans, and you don’t even have to leave your home to get one. Also you don’t have to drag something of value down to their store and take the chance of losing it.

Then of course you have your local check cashing businesses that certainly don’t want to see you get a savings account like payday lenders want you to have. Then of course there are credit card companies that don’t want you to have a small loan option for avoiding their late payment fees that they make huge amounts of money on. So then are these laws really in place to protect you?

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