The Canadian government has introduced proposed legislation that would allow provinces that have legal protections for pay-day loan customers to permit interest charges above the 60 per cent threshold.

The Canadian Payday Loan Association is in favor of it.  They're an industry group representing 850 of the 1,350 outlets offering these short-term loans. They said it "will ensure consumer protection and the ongoing viability of this important industry."

On the other side of the isle, the Consumers' Association of Canada isn't quite as pleased about the legislation.  They've expressed doubts.  They warn that it could create a "hodge podge" of provincial regulations that would leave consumers in a worse position.

People in military uniforms who take out payday loans are finding that their source of quick cash is drying up. Payday lenders are expected to stop making loans to military personnel late next year after Congress adopted a new cap on interest rates the lenders can charge.

Borrowers typically write a check dated on a future payday up to two weeks in advance that also includes interest and fees at rates as high as 520 percent in Colorado.

An industry trade group says just 1.3 percent of payday-loan customers are military. The nation's largest payday lender, Advance America Cash Advance Centers Inc., which operates eight outlets in El Paso County, said that beginning Sunday it will stop making loans to military personnel nationwide. Such lenders are common near military bases, according to a study last year by researchers from the University of Florida Law School and California State University-Northridge.

Service members can lose security clearance or face disciplinary action including court martial for failing to repay debts, including payday loans. It makes it difficult or next to impossible to get out of debt," said Patricia Randle, financial readiness program manager for Army Community Service at Fort Carson.

Read more about this news story here: Gazette.com

I know that there are hordes of people out there just waiting to hear what I have to say about payday loans. Well, here goes…

You and I both know that there's usually a little too much month left at the end of the paycheck. We don't have too feel bad about it because it happens to everyone. But I'm not writing this so we can whine to each other. I created this website to take a good hard look at what you can do about it.

The solution that many people turn to is to get a little advance on your paycheck. It's a great way to get some fast cash. Check back to this site as I start to investigate the ins and outs of payday loans.