SIGNS OF PREDATORY PAYDAY LENDING
Loading ...A typical payday loan ranges from $500 to $ 1,500 and is usually extended for a two week period. Payday lenders prefer to look at themselves as providers of short term financing but in reality they design their loans in a way that will keep the borrower in debt for a long period of time. Payday lenders can be classified under predatory lenders, unlike loans offered by creditable financial institutions, payday loans are offered for a short period of time and at very high interests, in some cases as high as $30 for every $100 borrowed. They allow the borrowers to rollover their loans, for a fee, if the borrower is unable to pay the entire amount on the due thus plunging the borrower into a cycle of debt. Payday loan contracts have an arbitration clause which denies the borrower the right to sue the lender on any matter covered in the contract.
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