Payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. Typical loans are between $100 and $500 and are due in two weeks, with interest rates of up to 400% APR. On a two-week loan, fees average $15 for each $100 lent.[1] The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card.
Cash Til Payday Loan Odell Indiana Loan Payday Payday Loan Online 0a 6 Georgetown Payday Loan King City Payday Loan Payday Cash Advance Wheatland Missouri Day Fax Payday Loans Payday Easy Loan Qualify Day Fax Payday Loans Payday Loans Personal Cash Loans Loan Quick Payday Payday Loans Personal Cash Loans Day Payday Loans Payday Loan Advertisers Personal Loan Paydayloanpagescom Payday Easy Loan Qualify Non Payday Cash Advances Seal Beach Payday Loan 6 Payday Easy Loan Qualify 500 Payday Loan 3183 Kalispell Payday Loan No Fax Payday Loan Cash Faxless Payday Loan Hooper Michigan No Teletrack Payday Loan Johannesburg California Payday Loan Payday Loan Day Fax Payday Loans Cash Til Payday Loan Odell Indiana Payday Loan No Credit Boston Payday Loan 18 Faxless Payday Loan Hooper Michigan Though payday lending is primarily regulated at the state level, the United States Congress passed a law in October 2006 becoming effective on Oct. 1, 2007 that caps lending to military personnel at 36% APR as defined by the Secretary of Defense.[2] The Defense Department called payday lending practices "predatory", and military officers cited concerns that payday lending ruined low-paid enlisted men and women's finances, jeopardized their security clearances, and even interfered with deployment schedules to Iraq.[3] Actual statistics[citation needed] showed that fewer than 5% of military enlisted personnel were payday-loan borrowers, however.
Some federal banking regulators and legislators seek to restrict or prohibit the loans not just for military personnel, but for all borrowers,[4] because the high costs are viewed as a financial drain on the working and lower-middle class populations who are the primary borrowers.