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Tiny Loans, Big Costs: Pitfalls of Pay Day Loans November 12, 2020

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Tiny Loans, Big Costs: Pitfalls of Pay Day Loans

Barbara O’Neill, Ph.D., CFP® Extension Professional in Financial Site Management Rutgers Cooperative Extension

Would you like to just take a tiny action toward enhancing your finances? Avoid payday loans!

Pay day loans are single-payment, short-term loans which are produced in return for delayed deposit (typically inside a fortnight) of a borrower’s postdated personal check (i.e., a talk with a future date about it). These loans pass by many different names that indicate https://tennesseetitleloans.net/ that borrowers are getting money in advance of a future paycheck, including: payday loans, check advance loans, post-dated check loans, deferred deposit check loans, and quick money loans.

The option of pay day loans differs from state to convey. As they are illegal in certain states (age.g., nj-new jersey, in which a check cashing licensee cannot advance cash in substitution for a postdated check), these are typically widely accessible in others (age.g., many southern and Midwest states). (more…)

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