Brief Introduction to Payday Loans
“Have you fallen behind on your rent? “Need a car but have no money?”“In a financial bind and have nowhere and no one to turn to?” “Easy cash – no credit check!” These are typical emotional advertising ploys made by many payday lending agencies that offer short-term loans to help people who are in a financial pinch.
The business of payday loans is centuries old. It became a common lending system in the United States in the late 1800s when many workers were unable to get bank accounts. Payday loans, pawn broking, and check cashing were all vital forms of short-term loans to workers of the period.
Bizzee Explanation
Most payday loans are made by loan stores and internet companies, not financial institutions. They are short-term loans of about two weeks’ length, usually for a small amount of money that is to be repaid …