POverview of Protections Under Federal and Maryland Law Suggestions to Avoid Needing a PaydayЁ Loan

POverview of Protections Under Federal and Maryland Law Suggestions to Avoid Needing a PaydayЁ Loan

What exactly is a “Payday” Loan?

A loan that is payday a term accustomed describe a short-term, high-interest loan, sometimes described as a “cash advance”, no matter whether re payment associated with loan is related up to a borrower’s payday. The high price of these short-term loans will often trap customers into a period of financial obligation. These loans are marketed through the air, tv, the world-wide-web, and direct mail.

Your Protection Under Federal Law

Generally speaking, the Federal Truth and Lending Act treats payday advances like other kinds of credit:

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