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: