Payday, Cash Advance Loans: Here What You Should Know...
A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan, "regardless of whether repayment of loans is linked to a borrower's payday."
The loans are also sometimes referred to as "cash advances," though that term can also refer to cash provided against a prearranged line of credit such as a credit card.
Payday advance loans rely on the consumer having previous payroll and employment records.
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Many consumers who need cash quickly turn to payday loans – short-term, high interest loans that are generally due on the consumer’s next payday after the loan is taken out. The annual percentage rate of these loans is usually very high – i.e., 390% or more.
Many consumers who need cash quickly turn to payday loans – short-term, high interest loans that are generally due on the consumer’s next payday after the loan is taken out. The annual percentage rate of these loans is usually very high – i.e., 390% or more.
In recent years, the availability of payday loans via the Internet has markedly increased. Unfortunately, some payday lending operations have employed deception and other illegal conduct to take advantage of financially distressed consumers seeking these loans.
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The FTC enforces a variety of laws to protect consumers in this area. The agency has filed many law enforcement actions against payday lenders for, among other things, engaging in deceptive or unfair advertising and billing practices in violation of Section 5 of the FTC Act; failing to comply with the disclosure requirements of the Truth In Lending Act; violating the Credit Practices Rule’s prohibition against wage assignment clauses in contracts; conditioning credit on the preauthorization of electronic fund transfers in violation of the Electronic Fund Transfer Act; and employing unfair, deceptive, and abusive debt collection practices.
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The FTC enforces a variety of laws to protect consumers in this area. The agency has filed many law enforcement actions against payday lenders for, among other things, engaging in deceptive or unfair advertising and billing practices in violation of Section 5 of the FTC Act; failing to comply with the disclosure requirements of the Truth In Lending Act; violating the Credit Practices Rule’s prohibition against wage assignment clauses in contracts; conditioning credit on the preauthorization of electronic fund transfers in violation of the Electronic Fund Transfer Act; and employing unfair, deceptive, and abusive debt collection practices.
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The FTC has also filed recent actions against scammers that contact consumers in an attempt to collect fake “phantom” payday loan debts that consumers do not owe.
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Further, the FTC has filed actions against companies that locate themselves on Native American reservations in an attempt to evade state and federal consumer protection laws.
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'The Loan Process...
==The basic loan process involves a lender providing a short-term
unsecured loan to be repaid at the borrower's next payday. Typically,
some verification of employment or income is involved (via pay stubs and bank statements), although according to one source, some payday lenders do not verify income or run credit checks
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To prevent usery (unreasonable and excessive rates of interest), some jurisdictions limit the (APR) that any lender, including payday lenders, can charge. Some
jurisdictions outlaw payday lending entirely, and some have very few
restrictions on payday lenders. In the United States, the rates of these
loans used to be restricted in most states by the Uniform Small Loan
Laws (USLL), with 36–40% APR generally the norm.
There are many different ways to calculate APR of a loan. Depending on which method is used, the rate calculated may differ dramatically
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Payday Loans = Cash Advance Loans...
These individuals are least able to secure normal, lower-interest-rate forms of credit. Since payday lending operations charge higher interest-rates than traditional banks, they have the effect of depleting the assets of low-income communities
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Payday Loans...
A report from the Federal Reserve Bank of New York concluded that, "We ... test whether payday lending fits our definition of predatory. We find that in states with higher payday loan limits, less educated households and households with uncertain income are less likely to be denied credit, but are not more likely to miss a debt payment.
Absent higher delinquency, the extra credit from payday lenders does not fit our definition of predatory." The caveat to this is that with a term of under 30 days there are no payments, and the lender is more than willing to roll the loan over at the end of the period upon payment of another fee.
The report goes on to note that payday loans are extremely expensive, and borrowers who take a payday loan are at a disadvantage in comparison to the lender, a reversal of the normal consumer lending information asymmetry, where the lender must underwrite the loan to assess creditworthiness.
A recent law journal note summarized the justifications for regulating payday lending. The summary notes that while it is difficult to quantify the impact on specific consumers, there are external parties who are clearly affected by the decision of a borrower to get a payday loan.
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Payday Loans = Cash Advance Loans...
Draining money from low-income communities
The likelihood that a family will use a payday loan increases if they are unbanked, or lack access to a traditional deposit bank account. In an American context the families who will use a payday loan are disproportionately either of black or Hispanic descent, recent immigrants, and/or under-educated.These individuals are least able to secure normal, lower-interest-rate forms of credit. Since payday lending operations charge higher interest-rates than traditional banks, they have the effect of depleting the assets of low-income communities
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Payday Loans...
A report from the Federal Reserve Bank of New York concluded that, "We ... test whether payday lending fits our definition of predatory. We find that in states with higher payday loan limits, less educated households and households with uncertain income are less likely to be denied credit, but are not more likely to miss a debt payment.
Absent higher delinquency, the extra credit from payday lenders does not fit our definition of predatory." The caveat to this is that with a term of under 30 days there are no payments, and the lender is more than willing to roll the loan over at the end of the period upon payment of another fee.
The report goes on to note that payday loans are extremely expensive, and borrowers who take a payday loan are at a disadvantage in comparison to the lender, a reversal of the normal consumer lending information asymmetry, where the lender must underwrite the loan to assess creditworthiness.
A recent law journal note summarized the justifications for regulating payday lending. The summary notes that while it is difficult to quantify the impact on specific consumers, there are external parties who are clearly affected by the decision of a borrower to get a payday loan.
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Once again, remember that a payday lending is illegal in certain areas for a number of reasons:
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Once again, remember that a payday lending is illegal in certain areas for a number of reasons:
- Payday loans are designed to trap borrowers in debt. Due to the short term, most borrowers cannot afford to both repay the loan and pay their other important expenses.
- If the loan cannot be paid back in full at the end of the term, it has to be renewed, extended, or another loan taken out to cover the first loan. Fees are charged for each transaction.
- The annual percentage rates on payday loans are extremely high, typically around 400% or higher.
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KNOWLEDGE FINANCIAL GROUP IS HERE TO HELP, TO SERVE PEOPLE EVERYWHERE. VISIT: WWW.KNOWLEDGEFINANCIALGROUP.COM- Lenders ask that borrowers agree to pre-authorized electronic withdrawals from a bank account, then make withdrawals that do not cover the full payment or that cover interest while leaving principal untouched.
- If the lender deposits a repayment check and there are insufficient funds in the borrower’s account, the borrower is hit with even more fees for insufficient funds.
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- To stop recurring bank account debits to a payday lender, take the following steps:
- Contact your bank or credit union and provide an oral or written request to stop payment to the payday lender. Your bank or credit union may require written confirmation of your request. Include your contact information in your request so that the bank or credit union can get in touch with you if necessary.
- Revoke the authorization for the payday lender to withdraw money from your account.
- Follow the instructions in any paperwork you received from the payday lender, or send the payday lender a written notice with these instructions: “My authorization to withdraw money from my account is revoked.” Include your contact information.
- Then send a copy of this written notice (revoking authorization and stating that the lender’s authority to withdraw payments from your account has been revoked) to your bank or credit union.
- Inform the bank that you would like to contest any prior withdrawals by the payday lender as unauthorized since the payday loan is illegal, void, and unenforceable in New York.
- After you have made a stop payment request, a lender may continue to try to withdraw money from your account, sometimes using multiple payment systems. You should continue to monitor your account closely. If you see a withdrawal from the payday lender, contact your bank and explain that you previously requested to stop payment and that the lender is still trying illegally to withdraw money from your account.
- If you need to contact your bank again, discuss any fees that the bank may charge, and make sure the bank knows that the unauthorized withdrawals are due to the repeated actions of an illegal lender. In some cases, banks may waive stop payment fees.
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