Cash Pay Advance

These cash advance loans have been criticized for their high interest rates, but because of their easy qualification, they are becoming popular in the UK and elsewhere. The interest rate on these loans is so high that the US Defense Department (DOD) has called the payday lending practices “predatory”. The payday lenders argue that a high rate of interest is needed because of the high default rate. The FDIC (Federal Deposit Insurance Corporation) Center for Financial Research agrees and reports that after subtracting fixed operating costs and