Term: Payday Loan
2 found

Google Bans Ads for Payday Loans

By Steven Shaw on 5/12/2016

Effective July 13, Google is banning ads for payday loans and related products, the company said Wednesday in a statement. With this, Google will not display ads for loans that require payment within 60 days of the date of issue. In the U.S., ads for loans with an APR of 36% or higher will also not be shown.

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Payday Loan
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Payday loans

Consumer Watchdog Now Accepting Payday Loan Complaints

By Steven Shaw on 11/7/2013

CFPB Now Accepting Payday Loan Complaints

The Consumer Financial Protection Bureau began overseeing the payday loan industry in 2012 and is now accepting complaints from borrowers who experience issues with them.

Consumers who take out payday loans, or cash advances, generally borrow less than $500 for a short period of time. These loans carry high interest rates, and while 12 million Americans use them each year, only 14% can afford to pay the amount in full, and the average borrower ends up in debt for five months, according to data from the Pew Charitable Trusts. That average borrower ends up paying $520 in finance charges for a $375 loan.

Consumer Financial Protection Bureau
Payday Loan
Payday Loan Complaints