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.
Seal Beach Payday Loan 6 200 Payday Loan Instant Online Payday Loan Piqua Kansas Day Payday Loans 500 Payday Loan 3183 Instant Payday Loan Argos Indiana Instant Online Payday Loan Piqua Kansas Savings Account Payday Loans No Checking Cheap Payday Loan North Highlands California Kokomo Payday Loan Day Payday Loans Non Payday Cash Advances Payday Loan Lilbourn Missouri Coronado Payday Loan Payday Loan No Credit Oklahoma City Payday Loans Kokomo Payday Loan 1000 Loan Payday Payday Loans Personal Cash Loans No Teletrack Payday Loan Johannesburg California Easy Loan Payday 20 American Advance Instant Online Payday Loans Cheap Payday Loan North Highlands California American Advance Instant Online Payday Loans American Advance Instant Online Payday Loans Instant Online Payday Loan Piqua Kansas American Advance Instant Online Payday Loans Easy Loan Payday 20 Cheap Payday Loan North Highlands California Cheap Payday Loan North Highlands California
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.