Pay day loans
No larger than $500) repaid in a single payment on the borrower’s next payday (typically a two week period) or on the next scheduled date for receipt of pension or Social Security income as described by the CFPB (2013) and by Freeman and Gorham (2015), a payday loan is a small loan. For payment purposes, the debtor submits a post-dated search for the entire balance (including charges) or offers the loan provider with authorization to electronically debit the funds from the connected payday loans New Jersey online account or even a prepaid credit card. Continue reading