Payday Loans, APR and You

During the last week or two, the financial industry has been seen in the news quite a bit. Most of what's being talked about is investing and mortgages. However, it seems that as finances take center stage in the politics of this country, it will only be a matter of time before payday loans become the target of scrutiny and lobbyists once again. Certain states have already banned payday loans outright. They feel the high APR is completely unjustified and a danger to consumers. Some states do allow payday lenders, but they have very strict regulations. Other states, very few of them, allow payday lending with very little regulation. Lobbyists are working hard on both sides to either ban these short-term loans, or heavily regulate them to be "consumer friendly." A payday loan, or cash advance, is a short-term loan designed to... [read full story]