CURRENT SMALL-DOLLAR LOAN PRODUCTS. Auto name loans

Date: September 16, 2020 | Category: California Payday Loans Near Me

CURRENT SMALL-DOLLAR LOAN PRODUCTS. Auto name loans

Pay day loans

As described by the CFPB (2013) and also by Freeman and Gorham (2015), an online payday loan is really a small loan (usually no larger than $500) repaid in an individual repayment in the borrower’s next payday (typically a bi weekly duration) or in the next scheduled date for receipt of retirement or Social Security earnings. For payment purposes, the debtor submits a post-dated search for the entire balance (including charges) or offers the loan provider with authorization to electronically debit the funds from the connected account or even a prepaid credit card.

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