Payday advances are small loans guaranteed by immediate access into the borrower’s bank-account.

Payday advances are small loans guaranteed by immediate access into the borrower’s bank-account.

Coalition: Financial Reform

This joint page to Congress finalized by leading customer advocacy teams describes the harm from payday loans online, an evergrowing opportunity for expensive lending that is payday. These loans are first in line to be repaid ahead of food, rent, or other necessities when these triple digit loans are made to struggling families since the online lender has electronic access to the borrower’s bank account. (more…)

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