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| The payday loan bank regulators; Some federal banking regulators and legislators seek to restrict or pr | |
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| Topic Started: Jun 9 2008, 09:15 AM (34 Views) | |
| PobuhalUzhe | Jun 9 2008, 09:15 AM Post #1 |
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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. Payday Cash Advance Garner Kentucky Default And Payday Loan Non Payday Loans Payday Advance Dallas Tx Payday55 Payday Loan America Cash Loan Payday Quick Payday Loan Anacoco Louisiana Sask Payday Loan Payday Loans Largo Florida Easy Payday Loan Baring Missouri California Cash Advance And Payday Loans Payday Loan Online Allendale Louisiana Sonic Payday Advance Questions No Faxing Payday Loan Chernofski Alaska Payday Rules In English Loan Online Payday Till Money 5 Xtracash Payday Loan 7 Instant Online Payday Loan Billerica Massachusetts Credit Report Score No Fax Payday Tallapoosa Payday Loan Canoga Park Payday Loan Payday Advance Loan Crabapple Georgia Default On Payday Loan North Seffner Payday Loan 4 Schererville Payday Loan 6 Internet Payday Loan Payday Loan Payday Advance In Ventura Instant Payday Loan Harrisville West Virginia Advance Cash Loans Payday 508 Extra Fast Loan Payday 732 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. |
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2:36 PM Nov 27
