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 ?
In early October, the CFPB passed new payday loan rules they hope will combat the abuses in the industry.
The new rules issued by the Consumer Financial Protection Bureau are designed to maintain payday loan availability for the cautious borrowers while shutting down availability to heedless borrowers.
26) If a borrower is unable to repay a payday loan when it is due, he may pay an additional fee to "roll-over" the loan to extend the due date.
And in light of this, I'd ask that the government focuses its attention on pre-watershed payday loan adverts, not just gambling ones.
But payday loans in India will be a different proposition, say startups.
Those surveyed said it was easy to get a payday loan, using online and phone applications, with few requiring credit checks.
Fourth, we use proprietary data on payday loan applications in Nevada, a state that was severely affected by the housing downturn, and find no relationship between foreclosure rates and payday lending.
Now Kirklees Citizens Advice and Law Centre is calling on shoppers to think twice before taking out a payday loan to cover the costs of Christmas, which could bump up the final amount by almost PS600.
If a borrower who is paid bi-weekly rolls over a $300 payday loan at an interest rate of 15% for three months, the borrower pays $270 in interest on that loan.
M2 EQUITYBITES-June 12, 2015-Complaints about payday loans drop by 45%
Now, the federal Consumer Financial Protection Bureau, created after the 2008 financial crisis, is reportedly close to issuing a draft of long-overdue federal regulations for the $46-billion payday loan industry.