Payday lending - As the payday lending industry has grown qui

Payday lending, also known as a payday advance or deferred deposit loan, has seen significant growth, particularly in lower-income communities. This growth has sparked an ongoing debate between the industry and its critics, often referred to as "consumer advocates." Critics argue that payday lending exploits vulnerable individuals, trapping them in a cycle of debt with excessively high interest rates, while proponents maintain it provides a vital service to those with limited access to traditional credit.

What is Payday Lending?

Payday lending is a type of short-term loan, typically lasting two to four weeks, designed to be repaid on the borrower's next payday. To secure the loan, which is often for smaller amounts like $100 or $200, you provide the lender