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Old 06-11-2008, 06:24 PM   #1
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Post The payday loan bank regulators

Payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. Typical loans are between $100 and $500 and are due in two weeks, with interest rates of up to 400% APR. On a two-week loan, fees average $15 for each $100 lent.[1] 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.Maine Fast Cash Advance Payday Loan Iowa Instant Payday Loan How To Borrow 1000 Payday Loan Payday Advance America Quick Cash Advances 28 Day Payday Loans Quick Payday Loans Direct Deposit Payday Online No Fax Loan Cheap Payday Loan Kopperston West Virginia Cash Fast Loans Online Payday Faxless Payday Loan Sappington Montana Payday Advance Loan Greensburg Kentucky Payday Loan In Alaska Super 8 Payday Denim Fraser Payday Loan Best Payday Loans Software Savings Account Payday Loan Wiscasset Maine Quick Payday Loan Silt Colorado Payday Loan Savings Account Cash International Loan Payday Services Money Payday Loan Perryville Maryland 6 Payday Loan Accredited 9 Fax Loan No Payday Telecheck Teletrak Payday Loans In Davenport Nothing To Fax Payday Loans Payday Loan 3epaydayloan Paycheck Advance Payday Loan Borrow Cash Ics Payday Advance In Uk Loan Payday Till Lynnwood Payday Loan Cheap Payday Loan Oak Lawn Illinois Though payday lending is primarily regulated at the state level, the United States Congress passed a law in October 2006 becoming effective on Oct. 1, 2007 that caps lending to military personnel at 36% APR as defined by the Secretary of Defense.[2] The Defense Department called payday lending practices "predatory", and military officers cited concerns that payday lending ruined low-paid enlisted men and women's finances, jeopardized their security clearances, and even interfered with deployment schedules to Iraq.[3] Actual statistics[citation needed] showed that fewer than 5% of military enlisted personnel were payday-loan borrowers, however.Some federal banking regulators and legislators seek to restrict or prohibit the loans not just for military personnel, but for all borrowers,[4] because the high costs are viewed as a financial drain on the working and lower-middle class populations who are the primary borrowers.
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