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Payday loans are marketed towards low-income individuals making them part of the larger "poverty industry" consisting of businesses that make money primarily from the poor. Without collateral, low income applicants will have trouble obtaining low interest loans and will sometimes reluctantly accept high interest rate loans.
This is an accepted version of this page This is the latest accepted revision, reviewed on 15 December 2024. 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 ...
This factor, among other reasons, is why payday loans should only be used as a last resort option. High risk of default Most payday lenders give borrowers approximately two weeks to repay the loan.
Payday loans are an easy way to get cash, but they have sky-high interest rates. ... In fact, according to the Consumer Federation of America, borrowers default on about 20 percent of payday loans.
However, payday loans may come with predatory fees. Payday loan providers may charge $15 to $20 for every $100 offered. Some interest rates on payday loans can get as high as 600% per year.
Previously, Check Into Cash was a founding member of the Community Financial Services Association of America, which sets best practices standards for its members in the payday advance industry. [8] The firm has affiliate companies that operate under these brand names: [ 9 ]
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