Payday Loan Definition

Department Of Justice

This page summarizes state statutes regarding payday lending or deferred presentment, which features single-payment, short-term loans based on personal checks held for future deposit or on electronic access to personal checking accounts. OppLoans offers personal installment loans with no hard credit check. Depending on your state of residence, you could be approved for an installment loan from $500 to $4,000 with terms from 6 to 36 months. We're highly rated on Google and carry an A+ rating from the Better Business Bureau.

This results in many borrowers extending their loans — with the addition of more finance fees — literally buying more time to come up with the money. This can contribute to a vicious cycle of debt that may be impossible to escape.

If the electronic database is unavailable, then a customer must sign a statement indicating that the customer does not have an outstanding payday loan with the current payday lender and that the customer does not have two outstanding payday loans with other payday lenders in the State.