Which payday loans are scammy?
FourFourFourTwo’s exclusive analysis of payday loans shows that many of the largest payday loan companies are not as upfront about the type of loan they offer, or how much it is.
As the industry matures, consumers are increasingly exposed to predatory lending practices.
The results are revealing.
Our analysis shows that payday loans often offer much lower interest rates than other loans, often offering a 1% rate for an initial loan, and often offering higher rates for repeated loans.
The average monthly payment is only $125.
The payday loan industry is dominated by five companies: American Express, Chase, Capital One, Wells Fargo and SunTrust Banks.
The companies offer loans ranging from $25 to $500.
In some cases, they charge a higher interest rate than the lowest payday loans offered by other lenders.
The analysis also shows that in many cases, payday loans offer a much lower monthly payment than the average payday loan offered by a payday loan company.
In 2017, the average monthly payday loan was $2,800.
In 2018, the monthly average payday loans was $5,400.
According to the Bureau of Consumer Financial Protection, the federal government’s consumer protection agency, payday loan debt is one of the most prevalent types of debt, with more than $1 trillion in consumer debt outstanding.
The industry has a history of making millions off its customers, with millions of borrowers taking out loans from payday loan providers.
The payday loan loan industry has also developed a complex web of loans that, as the industry becomes more sophisticated, are becoming increasingly difficult to understand.
Accordingly, we created this infographic to highlight payday loans that are not just high-interest, but often offer a very low interest rate.
The infographic includes data from the Federal Trade Commission, Federal Deposit Insurance Corporation, Federal Home Loan Mortgage Corporation, National Consumer Credit Association, National Credit Union Administration, and Consumer Federation of America.
For the infographic, we used data from Experian’s Credit Score Insights for Consumers to provide the data for all payday loans.
Experian uses credit scores to determine creditworthiness.
The credit scores for payday loans vary, but they are generally based on credit scores obtained from the largest lenders in the industry.
The infographic also includes data on the average interest rate on payday loans from the most recent year.
This rate includes a percentage that is set at a fixed rate that is determined by a formula.
The data in this infographic is for the purposes of illustration only and does not reflect a borrower’s actual loan amount.
You should contact the lender for more information.