Payday Loans around the world

Finance analysts have foreseen a bright future for the payday loans in the coming time. Despite all the pros and cons associated, it is still gaining worldwide acceptance which is evident from its steep increasing graph of money lending firms. Little infrastructure, small manpower and profitable return holds the nerve for its survival. Rules and regulations however vary as we move from one part of the globe to other. Certain countries levying strict rules for the money lending plans making it congenial from the borrower’s side.In Canada any interest rate charged above 50% is termed illegal and it has to be within a prescribed format of 20-23%. In UK however prospects of rolling over cash advances are allowed with exception of no usury limit either.In US things are stricter. Payday loan scheme is not prevalent in all the states and the policies like rolling over, APR etc are dully checked.