Payday advances: simple, convenient – and pricey. By ROMANO CEDILLOS


Payday advances: simple, convenient – and pricey. By ROMANO CEDILLOS

What exactly is a pay day loan?

An online payday loan is a tiny advance loan guaranteed by a individual check. These loans of $50 to $500 are due in complete from the borrower’s next payday or within fortnight.

The lender allows for the loan to be extended, or rolled over, by having the borrower pay only the interest on the loan if the borrower is unable to repay the loan plus a 15 percent fee within two weeks. The quantity of the mortgage, plus another 15 per cent charge, becomes due at the conclusion regarding the 2nd period that is two-week.

Payday advances are also called cash-advance loans, check-advance loans, post-dated loans, and check that is deferred-deposit.

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cash advance information.

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RESEARCH FINDINGS ON PAYDAY ADVANCES

Other findings associated with Southwest Center for Economic Integrity research on Pima County’s payday-loan industry:

37 per cent of payday loan providers are within one-quarter mile of areas with populations at the very least 50 % Hispanic. Just 19 per cent of banking institutions and 18 per cent of credit unions have been in these areas.

60 % of borrowers are females.

56 per cent of borrowers are Hispanic.

Typical apr for payday advances is between 390 % and 500 %.

$130 million worth of pay day loans are granted yearly in Pima County. 続きを読む “Payday advances: simple, convenient – and pricey. By ROMANO CEDILLOS”


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