There has been a lot of controversy over the last few years about payday loans and their interest rates. Many people do not think much about interest rates when it comes to payday loans faxless, because the loans are so small the fees do not seem unreasonable to them. However, when you look at the APR, or annual percentage rate, on these loans, it is actually very high. Because of this, some states have decided to outlaw payday loans no faxing. 

The states that have banned payday loans are: Connecticut, Georgia, Maine, Massachusetts, New York, Pennsylvania, Virginia, and West Virginia. However, while these states have outlawed payday loans, this applies to the state where the loan was generated, not the state in which the borrower resides. Because of this, there are companies that can and will offer payday loans to residents of these states through lenders that are based elsewhere.  

This is actually legal through loop holes in the laws. However, many states are beginning to realize the frequency that this is happening, so it may not be allowed for very long. In fact, while lending is typically managed at the state level, the federal government is currently contemplating setting a cap on all payday loans across the nation, as they have done for military personnel. This is just one step in trying to eliminate payday loan providers, so take advantage of the help you can get from them while you still can.