Payday Lending and Title Loans. Equal Credit Opportunity Act

Payday Lending and Title Loans. Equal Credit Opportunity Act

The criticisms connected with payday financing and name loans have obtained significant attention from the media. The nationwide Credit Union management urges credit unions to understand the potential risks related to payday lending and name loan programs.

Payday advances (a.k.a. deferred advance loans, payday loans, check advance loans, post-dated check loans, or deferred deposit check loans) are small-dollar, short-term loans borrowers vow to repay from their next paycheck or income deposit. These loans ordinarily have high charges, are rolled over usually and that can bring about offensive financing methods. Continue reading “Payday Lending and Title Loans. Equal Credit Opportunity Act”