Combating Predatory Payday Lending: The Faith Community Reacts
Payday advances are little buck (usually about $200 to $400) short term loans which are typically due in complete regarding the borrower’s next payday (or day of earnings), ergo the name “payday” loan. The borrower must pay a hefty fee to the lender (approximately $15 per $100 borrowed) in addition to paying off the loan in full in such a short time period. To be able to obtain an online payday loan, a customer frequently requires an available banking account, a stable income source (this might be acquired or unearned, through […]