What Payday Loan Law Changes Mean For You

February 26, 2020 Cash Advance (Payday Loans)


If you need money and have bad credit, payday loans may seem like your only option. Payday loans are inherently risky – and expected payday loan regulation changes have been delayed, keeping the risk relatively high.

Payday loans are relatively small loans (often $500 or less) that are paid back in a short period of time (usually two weeks), along with interest and any loan service fees. Because of their small size, people tend to forget that the annual percentage rate (APR) of payday loans averages around 400%. For reference, the average credit card interest rate is approximately 17.5%.

The trap of payday loans comes when you have trouble repaying the loan on time. According to the Consumer Financial Protection Bureau (CFPB), 20%…

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