The High Cost of Payday and Auto Title Lenders, Pawnbrokers, and Rent-To-Own Stores
Authored By: National Consumer Law Center
Payday loans go by a variety of names, including "deferred presentments", "cash advances", deferred deposits", or "check loans", but they all work in the same way. The difference between the amount of the check and the amount of cash the customer gets in return is interest or a loan fee that the lender is charging. These types of short-term loans are always very expensive. Facts for older Consumers.