A payday loan is a relatively small, high-cost loan, typically due in two weeks and made with a borrowers post-dated check or access to the borrowers bank account as collateral. Payday lending is illegal in New York for a number of reasons : Payday loans are designed to trap borrowers in debt. Due to the short cash converters loans stones corner, 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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Consumer Financial Protection Bureau. January 13, 2016. Accessed January 27, 2016. https:www. consumerfinance. govaskcfpb1567what-payday-loan. html What does it mean to renew or roll over a payday loan. Consumer Financial Protection Bureau.
January 13, 2016. Accessed January 27, 2016.