Payday loans are extremely expensive cash advances that must be repaid in full on the borrower’s next payday to keep the personal check required to secure the loan from bouncing. Cash-strapped consumers run the risk of becoming trapped in repeat borrowing due to triple-digit interest rates, unaffordable repayment terms, and coercive collection tactics made possible by check-holding.
- Check out the legal status of payday lending for each state.
- Get information on how to file complaints with state and federal regulators.
Paydayloaninfo.org is a service of Consumer Federation of America.