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 Option Payday Advance Coms 6 Winston Salem Payday Loan 8 Fast Payday Loan Mansfield Arkansas Payday Loan Info Bessemer Michigan 5 Cash Advance Payday Loan 5 Payday Loan Personal Cash Advance 1000 Cash Loan Payday Paying Off Payday Loans Payday Loans Seatac Absolutely No Faxing Payday Loans Indiana Payday Loan Online Payday Loan Info Los Gatos California Sharks Why So Many Payday Loan Cash Loan Payday Loans Advance Laws And Payday Advances 4 Advance Loan Nebraska Payday 6 Payday Loans In Illinois 23 Get Loan Payday Store 33 15 Online Payday Loan Application 21 No Fax Payday Loan Maplewood Minnesota Payday Loan Online Covington Oklahoma Ruston Payday Loan Advance Hawaii Loan Payday 4 Pooler Payday Loan 6 Brownsburg Payday Loan Law Loan Michigan Payday No Faxing Payday Loan Ute Iowa Cheap Payday Loan Elmsford New York Indiana Cash Advance Payday Loans Software 5 Payday Loan Monroe County 7 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.