Definition of a payday loan ; pound NOTES [Northeast Region] [Daily Post (Liverpool, England)]
(Daily Post (Liverpool, England) Via Acquire Media NewsEdge) YOU may already have a very good idea what a payday loan is, but the Competition Commission, which is carrying out an investigation into the sector, has recently given a clear definition of its own for its terms of reference.
It says that despite their name, payday loans are not necessarily linked to when the borrower will next get their wages.
The Commission considers payday loans to be non-mortgage loans "which are generally taken out for less than 12 months, and where the amount borrowed is usually less than Pounds 1,000".
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