What are short terms loans? Short term loans, also called payday loans, are a type of credit that need to be repaid in a ’short’ period of time, usually under 12 months even though some lenders might let you borrow for a longer period of time. It is a form of credit that is sup...
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III. The Policy Debate Consumer groups criticize payday lenders for selling overpriced loans to people who are already experiencing financial difficulties. Critics further contend that payday borrowers are not well informed about the true cost of their borrowing and that lenders engage in deceptive and...
We contribute some of the first direct evidence on the interactions between regulation, enforcement, and compliance in consumer finance. Although Austin and Dallas passed concurrent ordinances that restricted the loan-to-income ratio and amortization rate of payday loans made within city borders, these...
Finally, this paper provides the first estimates of price-elasticity of demand for payday loans stemming from a natural experiment. These findings are important for the ongoing efforts to regulate consumer credit markets, particularly those markets in which lenders have significant market power. The ...