Financial Frequently Asked Questions on Loans From An Ex-Bail Bondsman

Being a bail bondsman for the past 22+ years, I have a solid idea of what all is factored in when it comes to state bail bonds, payday loans, personal loans, private loans, and anything else. 

When I first started out in this field years ago, there were not really any laws telling a private company (like a private payday loan company) from what they can and can't do. This means - little to no regulation on fees and interest rates. 

This started out okay, until people with some extra cash started realizing just how much money they could easily skim off the top by offering out their own person laons "payday loans." 

This became a serious issue, and more and more people opened payday loan shops. You've seen them. In a suburb, they are just everywhere! And how are they all sustaining enough income to pay for that shop? Well, they aren't just sustaining income, they are usually BANKING HARD. If you don't know what I mean, I mean they are making a very good chunk of change. 

Eventually payday loan interest rates got so high, and the clientele was so desperate for the quick cash that they were willing to do or sign anything. This started getting consumers into a lot of trouble, often times owing more than double what they originally borrowed from the private lender. 

In 2018 and 2019, there are hundreds of laws governing the areas of private lending. Its incredibly restricted and tightly controlled. You can rest assured, if you're in a place where you find yourself wondering if a payday loan is right for you, that the company won't be able to take TOO much of your money. 

Here's a recent article about the changes:

Minneapolis Loan and Law Legislation  

June Update - Lenders May Be Able to Set Interest Rates
 
Shoot us your questions about bail bonds/pay day loans. We will try to answer them the best that we can.