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This is an accepted version of this page This is the latest accepted revision, reviewed on 17 January 2025. Short-term unsecured loan A shop window in Falls Church, Virginia, advertising payday loans. A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a short-term unsecured loan, often characterized by high interest ...
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Additionally, 14,000 jobs were lost. By 2013, twelve million people were taking out a payday loan each year. On average, each borrower is supplied with $375 in emergency cash from each payday loan and the borrower pays $520 per year in interest. Each borrower takes out an average of eight of these loans in a year.
Operating under names including Ameriloan, Cash Advance, One Click Cash, United Cash Loans and 500 FastCash, Tucker's organization employed about 600 people and made loans with terms that included renewals and fees as well as interest rates as high as 700% per year. The majority of these loans were issued to low-income individuals. [17]
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