Payday Lending

Payday Lending

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In the United States, the average loan a person takes out with a payday lender is around $350 for two weeks. For many with access to mainstream forms of credit, they will rarely step into a payday shop, but for the 7.7% of Americans who are totally unbanked or the 17.9% who are under-banked a payday lender is often their only option. Today there are now more payday lender shops in the US than McDonald's restaurants. Payday Lending explores the rise of the payday lending industry across the world, from the UK to the US, via Europe and the rest of the Western world. Packman provides a literary review of the subject, showcases new research material, and concludes that more radical action needs to be taken on the conditions that have led to the industry's rapid growth. This ground-breaking new work also assesses the policy context involving payday lending, the history of the industry, and what can be done to ensure big lending companies no longer take advantage of consumers in times of financial hardship.Adverts arealso legallyobligated of interest. to havea prominent comparison rate The Cash Converters comparison, ... What isabsolutely clear, looking at the growth of the payday lending industryin Australia, is that there is a high demand for ashortterm credit product in the country. ... debt service forpayday users is the same as that for lowincome borrowers taking cash advances on credit cards:20 percent.

Title:Payday Lending
Author: Carl Packman
Publisher:Palgrave Macmillan - 2014-09-16

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