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About 19 million American households (nearly one out of every six in the country) have taken out a payday loan at some point. How Payday Loans Work. Payday loans get their name because they usually come due on the borrowers next payday.
Theyre different from regular bank loans in several ways: Smaller Amounts. In most states where payday loans are legal, theres a limit on how much you can borrow this way. This cap ranges from 300 to 1,000, with 500 being the most common amount.
The Pew report says the average size of a payday loan is 375. Shorter Terms. A payday loan is supposed to be paid back when you get your next paycheck. In most cases, this means the loan term is two weeks, though it can sometimes be as compare variable personal loans as a month.
Tribal lenders are subject compare variable personal loans tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lenders rates and fees may be higher than state-licensed lenders.
Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.
The purpose of shorter duration loans is to provide the borrower temporary financial relief. Such loans are not a long-term financial solution.