payday lending
High-interest short-term
Payday lending is the practice of offering small, short-term loans at high interest rates, typically due on the borrower's next payday.
The loans target people who need cash quickly and lack access to traditional credit.
Critics argue payday lending traps borrowers in cycles of debt, as fees compound when loans are rolled over: She got caught up in payday lending and couldn't dig out.
- short-term loansTemporary borrowed money
- quick cashRapidly obtained funds
- cashReady spending funds
- financial stressTension from monetary difficulties
- low incomeEarnings below average
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- financial biasredlining, credit denial, loan denial, interest rates, loan rates
- harmful industriesbig tobacco, cigarettes, arms trade, human trafficking, ivory trade
payday lendingconventional mortgage
Home loan without federal backing
installment loan · credit union loan · fixed-rate mortgage · home equity loan · auto loan
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