The middle for Responsible Lending has released a brand new report about pay day loans, while the photo it paints is really depressing. What is even worse is the fact that the report posted Thursday really understates the reality that is grim payday borrowers today.
When it comes to uninitiated, a cash advance is a particularly high priced option to settle payments. The borrower pays the loan back in full in principle, the idea is simple: The company lends the borrower money for whatever their immediate need is, charges a fee, and then a few days later, on payday. Continue reading “Pay Day Loans Exposed: Exactly How ‘Short-Term’ Lenders Create Long-Term Troubles”