Take some time to read so much of the written material posted online about payday loans in and you’ll quickly find that most all of it seems have one thing in common. That’s that in general it seems to make them out to be so simple and easy. That even with bad credit, if you have a job and a checking account that’s at least 90 days old, all you have to do is submit an application, and odds are you’ll qualify.

On the other hand. Take a little more time to read and probe just a little bit deeper on the topic, and you may be surprised to discover just how much more there really is to them. Take for example the surprising number of laws and regulations that are in place regarding not just how they can operate, but also how you can access to them. Then to make matters even more complex, each state is different.

Now here is a number of the may find surprising. The number of payday loan venues that exists in the United States. Would you believe that there are more of them than there are the combined total of McDonald’s and Burger King fast food restaurants put together? Well it’s true. This in spite of the fact that as of today, fully six states have banned them from lending money.

So with a spider web of regulations in place and some states even outright banning them, you may find it surprising that some state lawmakers continue to pass new laws restricting them. Not only the lenders but also the borrowers as well, and that means you. For example in some states now, you can only borrow up to $500 at one time from a payday lender. No matter how badly you need the money.

Then as if that isn’t enough, some states are even going so far as to pass laws restricting how many times you as a private citizen can borrow from them. Once again, as crazy as it sounds, it is true. In fact would you believe that some states in the US now restrict the number of times that person can access a payday loan site to only four times per year? Well believe it because it’s true.

So really isn’t a just that simple when you’re reading about them online. And if you’re like most people you’re probably surprised to learn state lawmakers have taken it upon themselves to tell you that even if you need the money to eat pay your bills, you simply have to go without. So why do they do it? The reason it turns out, is that this new style of borrowing and lending is taking too big a bite out of bank and credit card profits.

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