Payday Loan
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A payday loan (also called a paycheck advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next 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 (see cash advance). Legislation regarding payday loans varies widely between different countries and, within the USA, between different states. 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. Due to the extremely short-term nature of payday loans, the difference between nominal APR and effective APR (EAR) can be substantial, because EAR takes compounding into account. For a $15 charge on a $100 2-week payday loan, the APR is 26 × 15% = 390% but the EAR is (1.15 − 1) × 100% = 3,685%. Careful reporting of whether EAR or APR is quoted is necessary to make meaningful comparisons. Payday loans carry substantial risk to the lender; they have 10-20% default rate, and according to one study, defaults cost payday lenders around a quarter of their annual revenue. From Wikipedia under the
GNU Free Documentation License NounPlural payday loans payday loan (plural payday loans)
From Wiktionary under the
GNU Free Documentation License ) cashmoney747.com 419px x 460px | 33.10kB [source page] A lot of people don t realize that you can get much better terms with a car title loan fast cash advance payday loan than you will get with your average payday loan A car title loan is From Google Image Search: "payday loan" 3 min., 56 sec. www.youtube.com Sat, 24 Jul 2010 17:04:44 PDT Same day payday loan is really a friend in need as it helps you the time when you are in need of urgent cash. As it is quite often that in the ... 2 min., 46 sec. www.youtube.com Thu, 03 Jun 2010 14:16:24 PDT Different Types Of Payday Loans. What is a payday loan? How can one get a payday loan. Is a payday loan needed these days? From Google Video Search: "payday loan" Can you go to jail in texas for not paying a payday loan? Q. I cant pay these loans back and I have post dated checks with the payday loan companies. Im afraid they could prosecute me for the bad post dated checks. What is going to be the best way to handle this situation? Asked by James G - Mon May 19 17:01:57 2008 - Personal Finance - 9 Answers - Comments A. The can, and probably will, sue in civil court for the value of the loan. In the US, ONLY the DA can file criminal charges. No sane DA will file criminal charges over a payday loan without overwhelming evidence you never intended to repay the loan. The entire business model of payday lenders is knowingly accepting post-dated checks when they KNOW you don't currently have the funds to cover them. You did NOT deceive them. Answered by STEVEN F - Mon May 19 18:17:46 2008 Can a payday loan place keep charging you interest 5 years after it not being paid?
Q. I had a payday loan from 2004 and it's 2009 they are just taking me to court this week. How long do they have after to take you to court. And can a $400 loan go to $5000 becuase of interest? Please help Asked by ICU2007 - Sun Apr 19 10:14:20 2009 - Credit - 3 Answers - Comments A. Yes it can. Look at the paperwork you signed. Now the question is, can you settle? Do you have 500-600 bucks? If so, call the attorney listed on the papers you were served, and offer that as settlement in full. If they agree, get it in writing BEFORE you pay. No postdated check and no electronic access to your checking account. Now, if this goes to court, you will lose. Your wages will be garnished and/or your bank account. This is assuming you were actually served with papers with a court date and such. If they just SAY they're taking you to court, then it isn't happening. I suggest you read up on "Fair Debt Collections Practices Act", and stay away from payday loan places. Answered by - Sun Apr 19 10:22:28 2009 From Yahoo Answer Search: "payday loan" |
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