Payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. Typical loans are between $100 and $500 and are due in two weeks, with interest rates of up to 400% APR. On a two-week loan, fees average $15 for each $100 lent. 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.Account Loan Only Payday Savings Easy Payday Loan Wallingford Connecticut Moss Point Payday Loan 4 Armonk Payday Loan 6 Cheap Payday Loan Crystal Oklahoma Payday Advance In Riverdale Georgia Approval Faxless Instant Loan Payday Indiana Cash Advance Payday Loans Software 4 Nacogdoches Payday Loan 6 Payday Unsecure Loans Consolidated Cash Advance Payday Loan Eastgate Texas No Teletrack Payday Loan Milton Massachusetts Chicago Loan Payday Store Cash Untill Payday Loan Payday Loans Locations In Atlanta Guaranteed Unsecured Loans Not Payday Cheap Payday Loan Bartlett Tennessee 4 Maple Grove Payday Loan 6 4 Thibodaux Payday Loan 6 Low Interest Rates Payday Loan Emergency Loan Now Payday Advance 4 Keyword Payday Loan 6 On Line Oregon Payday Loans Instant Online Payday Loan Cardwell Kentucky Payday Advance Loan Virginia Cash Payday Till Faxless Payday Loan Arnegard North Dakota No Credit Checks Payday Loans Payday Adance Easy Payday Advance Search
Though payday lending is primarily regulated at the state level, the United States Congress passed a law in October 2006 becoming effective on Oct. 1, 2007 that caps lending to military personnel at 36% APR as defined by the Secretary of Defense. The Defense Department called payday lending practices "predatory", and military officers cited concerns that payday lending ruined low-paid enlisted men and women's finances, jeopardized their security clearances, and even interfered with deployment schedules to Iraq. Actual statistics showed that fewer than 5% of military enlisted personnel were payday-loan borrowers, however.
Some federal banking regulators and legislators seek to restrict or prohibit the loans not just for military personnel, but for all borrowers, because the high costs are viewed as a financial drain on the working and lower-middle class populations who are the primary borrowers.