Payday Loans – 6109 US-98
Sources & References
http://www.mepconline.org/images/admin/spotedit/attach/4/Payday_Lending_Fact_Sheet_FINAL.pdf
PAYDAY LENDING FACT SHEET Overview A payday loan, sometimes called a paycheck advance, is a small, short-term loan that allows a borrower to cover urgent expenses until their next paycheck. To obtain such a loan, an individual must leave a check with the lender for the amount of the loan plus any fees, to be held... of debt. This fact sheet provides information about the payday lending industry in Mississippi and nationwide, how it harms consumers, and several efforts to curb payday lending
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Services this business provides
Frequently Asked Questions about Payday Loans
Key contacts:
- Mississippi Department of Banking and Consumer Finance
- Mississippi Attorney General consumer protection office
Key milestones include state-level licensing growth, storefront payday shops expanding nationwide through the 1990s and 2000s, and ongoing regulatory debates over rates, fees, and borrower protections. Research highlights show regional patterns and the impact of payday lending on communities, with policy discussions focusing on usury limits and consumer protections.
For further detail, sources like historical overviews and policy analyses provide expanded timelines and regional data on payday lenders and regulation.