Payday Loan

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Payday Loan

A short-term loan expected to be repaid before the borrower's next pay day. Frequently, the borrower collateralizes a payday loan by presenting a postdated check for the amount of the loan (plus interest). The lender simply deposits the check on the agreed-upon date. Interest rates on payday loans are notoriously high.
References in periodicals archive ?
From its artisan bakers selling their wares at prices that working class people would have to take a pay day loan out for to its art and craft galleries and designer children's wear.
More than one in 10 had pawned possessions and a similar number had turned to pay day loan firms.
MINISTER for Communities and Tackling Poverty, Lesley Griffiths, has warned people in Wales against borrowing from pay day loan companies and high cost money lenders this Christmas.
The union said at its national conference in Nottingham that a living wage of PS10 an hour would free workers from having to use pay day loan "sharks".
Coast & Country plans to support Payday Loan Danger Day, January 24 - so called because it's the date people struggling to make ends meet are tempted to take out a pay day loan.
THERE has been a tremendous amount of controversy in the news recently regarding pay day loan companies, all of whom charge extortionate amounts in their annual percentage rates (APR).
THE massive increase in the number of people struggling to pay their bills is great news to pay day loan sharks, who will probably have more customers to exploit, safe in the knowledge that no-one will legislate for a fair maximum interest rate, like they have in other countries like France.
SEEMS to me that Craig Whyte used the equivalent of a pay day loan to buy Rangers.
In addition, members now have quick link access to commonly used forms, and can submit their pay day loan alternative requests online.
On another issue, Hahn criticized Villaraigosa's support for the Pay Day loan companies, saying it takes advantage of minorities and the poor with high check-cashing rates.
DGSE's growing consumer loan activities are represented by Pawn Shop activities under the name National Pawn and Pay Day loan activities under the name American Pay Day Centers.
As real wages continue to decline, work becomes increasingly insecure and energy prices become unaffordable, people are being forced into the hands of pay day loan sharks just to meet their everyday needs.