A payday loan (also called a
payday advance, salary loan, payroll loan, small dollar loan, short term, or
cash advance loan) is a small, short-term unsecured loan, "regardless of
whether repayment of loans is linked to a borrower's payday." 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 advance loans rely on the consumer having previous payroll
and employment records. Legislation regarding payday loans varies widely
between different countries, and in federal systems, between different states
or provinces.
To prevent usury
(unreasonable and excessive rates of interest), some jurisdictions limit the
annual percentage rate (APR) that any lender, including payday lenders, can
charge. Some jurisdictions outlaw payday lending entirely, and some have very
few restrictions on payday lenders. In the United States, the rates of these
loans used to be restricted in most states by the Uniform Small Loan Laws
(USLL), with 36–40% APR generally the norm.
There are many different ways
to calculate annual percentage rate of a loan. Depending on which method is
used, the rate calculated may differ dramatically; e.g., for a $15 charge on a
$100 14-day payday loan, it could be (from the borrower's perspective) anywhere
from 391% to 3,733%.
Although some have noted that
these loans appear to carry substantial risk to the lender, it has been shown
that these loans carry no more long term risk for the lender than other forms
of credit. These studies seem to be confirmed by the United States Securities
and Exchange Commission filings of at least one lender, who notes a charge-off
rate of 3.2%.
- Medical Need or necessity is a United States legal doctrine, related to activities
- Business software or a business application is any software or set o
- Heating, ventilation, and air conditioning (HVAC) is the technology of indoor and
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