FDIC Study Says Payday Loans are Cheaper than Overdraft Fees

Report confirms facts
In November 2008, the FDIC released a report called Study of Bank Overdraft Programs. While payday lenders and their customers have known for years that taking out a payday loan is cheaper than overdrawing your bank account, this study calls attention to this fact.
Fee comparison
Lawrence Meyers from Blogger [...]

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payday_loans
Wednesday, March 25th, 2009 by
Elizabeth Fairchild

More Restrictions on Virginia Payday Advance Loans

Payday lenders in hot water
Last year Virginia passed a 36 percent  interest rate cap on payday advance loans. In an effort to save their businesses, payday lenders began finding ways around the debilitating law by offering open-ended credit.
Under Virginia open-ended credit laws,  lenders can charge any interest rate as long [...]

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Virginia senator Richard Saslaw crafted the legislation that bans payday lenders from offering open-ended loans.
Tuesday, January 27th, 2009 by
Elizabeth Fairchild