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Payday Loans: Federal Regulatory Initiatives
Payday Loans: Federal Regulatory Initiatives Pauline Smale Economic Analyst Government and Finance Division Summary A payday loan arrangement permits an individual to use a personal check to get a small, short-term, cash advance. The lo ans are typically for $100-$500. The borrower writes a postdated check for the loan amount and a fee. ... Fetch Content
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Payday lending stores than McDonald's restaurants. 9 With payday lenders such as Cash Money Payday Loans, Advance America, and Check-into-Cash lining the roads to and from work, Flora finds it easy to select one and request a $325 loan, the state's average. 1° To obtain the loan, she shows only her ... View Doc
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The term annual percentage rate of charge (APR), corresponding sometimes to a nominal APR and sometimes to an effective APR (EAPR), is the interest rate for a whole year (annualized), rather than just a monthly fee/rate, as applied on a loan, mortgage loan, credit card, etc. ... Read Article
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Payday loans: Most people who get payday loans literally live paycheck to paycheck and borrow relatively small amounts when they’re in the hole. They write a post-dated check or authorize an electronic withdrawal from their bank account for the amount borrowed plus a fee. Sounds like a good deal, but the nonprofit Americans for ... Fetch This Document
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Of Payday & Title Loans - UHLC
For small amounts.11 Industry supporters argue that payday loans are necessary to help consumers get through unexpected emergencies. Also, they argue that banning these loans will limit consumers’ access to credit.12 A title loan is a short-term cash loan where a consumer’s car title is used as collateral.13 In title pledging, the lender may, ... Access Full Source
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Predatory loans have unfair, misleading or unaffordable terms that generally benefit the lender at the expense of the borrower. For example, payday loans are typically seen as predatory because ... Read News
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