Payday loans can be a welcome rescue for people without credit or who are hit with an unexpected emergency, but small, short-term loans can accumulate debt in weeks due to interest rates that can reach 500 percent or higher.
What does it take to pay off a loan secured by the promise of a future paycheck? What are the risks associated with borrowing from these types of "quick cash" services?
How could the Consumer Financial Protection Bureau's rescinding of a proposed payday loan rule affect borrowers and the payday lending industry? How are state and local polices addressing predatory payday lending?