By Keith L. Rolland, Community Developing Advisor
Cash-advance organizations, also referred to as payday loan providers, offer loans to working customers whom require instant money before they get their next paycheck. Customers give a check that is post-dated electronic bank checking account information as security for the loan. The annual percentage rate (APR) of interest for a 14-day advance of $100 or $200 can be 460 percent at a payday lender.
There are many more than 23,000 pay day loan outlets nationwide. Read the rest of this entry