Why are Payday Loan Interest Rates so High? |
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Answer:
Payday lending companies charge higher interest rates Almost all payday lending companies in the nation have short-term loan minimums with high APRs. Payday loans are also known as payday advances or cash advances. The amounts of these loans vary from $100 to $1500. Because payday loans usually do not require a credit check, borrowers who have bad credit may utilize these loans when they find themselves in financial difficulty. The payday loan industry continues to grow at a rapid rate. Individual states are usually responsible for the regulation of these lending institutions. Payday lenders lobby to continue providing payday loans. Opponents of the payday lending industry lobby against these lenders to protect consumers from what they consider to be “predatory” lending practices. Trackback(0)
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