Pay Day

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Pay Day

The day on which an employer provides paychecks to employees. In the United States, pay days generally occur twice a month or every two weeks. Some jobs, however, pay weekly or monthly.
References in periodicals archive ?
In recent years, many states have put in place tough laws to stop abusive lending, but payday predators have continued using online lending to prey on consumers.
This would prevent an Internet payday lender from stripping a checking account without a consumer being able to stop it.
gov/about-us/newsroom/cfpb-statement-payday-rule/) announced it would reconsider rules governing payday lending it finalized in October under Cordray.
While payday lenders say that their products - short-term loans of a few hundred dollars lent at high interest rates - allows low-income Americans to access credit, critics say the industry captures poor people in a cycle of high-interest loans they can't pay back.
This lending product is commonly targeted at low-income consumers who use payday loans as plugs gaps in expenses in order to keep them afloat.
In early October, the CFPB passed new payday loan rules they hope will combat the abuses in the industry.
CFPB had proposed rules that would require payday lenders to first determine if consumers can pay back their loans.
Before the ban, sales on paydays at bases near payday loan outlets were only 20.
The Consumer Financial Protection Bureau's ("CFPB") proposed rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the "Proposal") aims to regulate, among other types of financing, payday loans.
We earlier had the brick and motor version of payday loans in India in only one category - gold loans.
To our knowledge, there has been relatively little research documenting trends in payday borrowing across different subgroups.