Pay day loans
As described by the CFPB (2013) and also by Freeman and Gorham (2015), a quick payday loan is just a small loan (usually no larger than $500) repaid in just one repayment in the borrower’s next payday (typically a bi weekly duration) or in the next scheduled date for receipt of pension or Social Security earnings. For payment purposes, the debtor submits a post-dated look for the entire balance (including charges) or gives the loan provider with authorization to electronically debit the funds from the connected account or perhaps a prepaid credit card. A check that is bounced overdraft cost might be charged in the event that debit (or post-dated check) does not yet determined. Continue Reading