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 ?
Even when the lending violates the law, abusive payday lenders can empty consumers bank accounts before they have a chance to assert their rights.
Elizabeth Warren of Massachusetts--say that since taking office late last year, Mulvaney has taken action three times to reverse the agency's diligent policing of payday lenders.
Regardless of potential conflicts, the CFPB has moved to undo several actions it has taken against payday lenders since Mulvaney replaced previous CFPB Director Richard Cordray, who left the agency in November to mount a gubernatorial bid in Ohio as a Democrat.
Global Banking News-June 1, 2017--New banking plan in US could help payday lenders
SOME banks are charging more for overdrafts than payday lenders and should face a cap on their charges, a Labour MP has said.
PAYDAY lenders have been accused of "irresponsible behaviour" which is trapping people with loans they cannot afford.
Once expected to float in New York, Wonga is currently trying to return to profitability as it contends with limits placed on payday lenders regarding the amount of interest they can charge.
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.
Abstract This paper investigates the geographic distribution of payday lenders and banks that operate throughout the United States.
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.