A payday loan is a small, unsecured, high interest, short-term cash loan. In most cases, consumers write a post-dated, personal check for the advance amount, plus a fee. The lender holds the check for the loan period and then deposits it, or the customer returns with cash to reclaim the check.
This page contains a summary and chart showing state by state payday lending statues and laws by loan of
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Payday loans are small, very short-term loans with extremely high interest rates that are effectively advances on a borrower's next paycheck. they're typically obtained when a borrower goes to a check-cashing outlet or an online equivalent, pays a fee and writes a postdated check that the company agrees not to cash until the customer's payday. finance charges typically amount to annual interest rates in the triple digits, around 400 percent, and can go as high as double that.The new law limits the size of a payday loan to 30 percent of a person's monthly income, or 0, whichever is less. it also bars people from having multiple loans from different lenders, limits the number of loans a person can take out to eight per 12 months, and sets up a database to track the number of loans taken out by people."there's still high demand for our product but we won't be able to feed it," said joe brown, general counsel for the check masters chain. the new law "will push people to other forms of short term credit, turn to sources that are not subject of regulations, such as online lenders that operate off shore.".But for consumer advocates who lobbied for the new law, the regulations being put in place are a step toward protecting people from falling into debt. for years, they have argued that payday lending leaves people paying off loans for a long time, often using other payday loans, and paying heavy interest.
Borrowing from any payday lender can be a risky endeavor. Borrowing from one online can be downright perilous. The pitfalls of borrowing from storef...
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