have enacted interest rate caps that effectively outlaw any kind of payday lending, whether its from storefronts or online companies, according to the Center for Responsible Lending, a consumer advocacy group based in Durham, North Carolina. Still, even in those states, do any banks do personal loans can access digital lenders. Many of these companies claim that because they operate online, state law doesnt apply to them.
As with the tribal lands issue, this question is still open to debate. In that regard, the law is ambiguous, said Barden of the Online Lending Alliance. Most of the trade groups members dont loan in states that prohibit it, he said, but the Alliance doesnt take a position on whether or not the practice is illegal.
Though no federal law prohibits payday lending, some restrictions do exist. The Electronic Fund Transfer Act, for example, prohibits lenders from only allowing consumers to repay loans through recurring electronic payments -- something that payday lenders do regularly, consumer advocates say.
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