Why Are Payday Loans Banned? Federal regulation against payday loans is primarily due to several reasons: (a) significantly higher rates of bankruptcy amongst those who use loans (due to interest rates as high as 1000%); (b) unfair and illegal debt collection practices; and (c) loans with automatic rollovers which further increase debt owed to …
Who Is Most Likely To Take Out A Payday Loan? People who borrow payday loans are more likely to be male than female, the research reveals, with 62% of accepted applicants being male. Based on statistics from the Office of National Statistics (2011 census data), the median age of UK residents aged 18+ is within
What Do Payday Lenders Offer? Payday lenders offer cash-advance loans, check-advance loans, post-dated check loans or deferred-deposit loans. They almost never check credit histories, making their loans easy to get, but interest rates are extremely high, and customers are among the nation’s least savvy borrowers. Are payday lenders a good option? Payday loans are designed