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 ?
Since April this year, Kirklees Citizens Advice and Law centre has helped over 1,000 people with debt issues, including problems with payday loans.
Albertans are being asked to share their opinions and experiences with payday loans through an online survey.
The CFPB has payday loans on its radar - and it turns out many Americans do too.
Millions of US households rely on payday loans and pawnshops for short-term credit.
Payday loans, for the mercifully uninitiated, offer small amounts of cash, usually $500 or less, to lower-income borrowers, ostensibly to tide them over from one paycheck to the next.
She believes that despite the clamp down on the big loan companies, payday loans will continue to be a problem for young people.
The Government has asked the advertising watchdog to investigate imposing greater curbs on TV and radio advertising for payday loans, after the issue was raised in a House of Lords debate.
8billion payday loans industry is undergoing an investigation to discover what potential benefits consumers could gain if certain steps were taken to inject more competition into the market.
PEOPLE who have taken out payday loans in the past are being asked to take part in a new research project led by Teesside University.
KENT, England, May 8, 2014 /PRNewswire-iReach/ -- The decision to take out credit, however small a sum, is one not to be made lightly says a new article on Uncle Buck Payday Loans LLP.
Assistant Chief Constable Ruaraidh Nicolson said: "There is evidence organised crime is involved in payday loans.
LESS than two-thirds of payday loans are fully paid back on time or early, research for the Competition Commission has found.