More than a decade after Arizona voters rejected an attempt by the payday lending industry to make permanent a law allowing high-interest loans, city streets are still littered with garish signs promising fast cash with no credit checks required. Ask how flexible your lender is on loan terms. Some online lenders may only let you choose between three and five-year terms. Term is important because it affects how much you ultimately pay over the life of the loan. A longer term can help keep your monthly payments lower and more manageable, but it means you'll be paying more in the end. On the flip side, a shorter term will mean higher payments, but you'll pay out less in interest overall.A merchant cash advance is an option for startup businesses that may not yet qualify for other types of business financing. Because a merchant cash advance is repaid based on your business's daily sales, time in business and other factors that usually make financing difficult for startups don't apply. If your startup has strong daily sales, a merchant cash advance could be an excellent solution for your fast-capital needs.
That principle has been around for nearly 200 years, McHenry says, and some other attorneys agree. He said the appeals court decision means the law is different for now in the three states it covers - Connecticut, New York and Vermont - than it is in the other 47, and banks and other lenders cannot be sure whether it will change in the 47.
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