Payday Loan Lenders

Payday loan lenders can be found in just about every city in America. Over the last decade or so, these businesses have gone from nearly non-existent to ubiquitous, and their popularity doesn’t seem to be slowing down. However, in recent years, state governments throughout the country have started to regulate these lenders due to what are perceived as predatory lending practices.

Payday loan lenders specialize in providing short-term loans to those that would otherwise have a difficult time obtaining them from a regular bank or credit union. They cater to those with bad credit, or those with little to no banking or work history. These loans are quick to access and require no credit checks.

However, the convenience of using these payday loan lenders is largely outweighed by the fees and interest charges they apply to the loans. It’s not unusual for these loans to be attached to an APR of 800% or more. As a result many state legislatures across the country have imposed restrictions on their lending practices.