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 ?
As payday lenders plead to members of Congress for help in handling the potential onslaught of regulations from the CFPB, it appears few are willing to come to the industry's defense.
I THOUGHT I was finished with my comments on payday lenders - but it looks like the problem has not gone away yet.
PAYDAY lenders should be careful about using catchy or upbeat jingles and animation in their TV ads, new guidance warns.
Payday lenders are still using bullyboy tactics - despite a clampdown.
MORE than 100 payday lenders have stopped trading after a clampdown on the industry's practices.
Pay back on time Payday lenders charge up to PS24 interest per month for each PS100 you borrow.
In March 2013, new laws commenced which enhanced the responsible lending rules for small amount or payday lenders.
However, for those who have already suffered the outrageous interest rates, bad practices and underhand debt collection methods implemented by some payday lenders, these proposals are simply too little too late.
The Government has been making efforts to boost the credit union sector and allow it to modernise and grow so that it can provide a realistic alternative for people who find it hard to access mainstream credit and end up turning to payday lenders.
Perhaps it is not surprising that with Wonga claiming it turns down a high number of applications for loans, payday lenders seem to be making their revenue from so-called rollovers.
It is gratifying to see that the My Home Finance scheme is having a positive effect and is giving tenants, such as Paul, a more reasonable alternative to the payday lenders and doorstep 'loan sharks.
Payday lenders Wonga's marketing tactics have come under renewed fire after they offered a loan to a 15-year-old girl.