Why Doesn’t Somebody Undercut Payday Lending?
A pay day loan works such as this: The debtor received a sum that is typically between $100 and $500. The borrower writes a post-dated check to the financial institution, while the lender agrees not to ever cash the search for, state, fourteen days. No security is necessary: the debtor frequently has to show an ID, a pay that is recent, and perhaps a declaration showing they have a bank-account. The lender charges a fee of approximately $15 for each and every $100 lent. Continue reading