Walk It Through: The Payday Loan
$500, 10 percent, 7 to 31 days, and no rollover.
A worker asks a payday lender for $500 until the next paycheck.
Two things a person in this spot might do. Picking one shows what the law says about it.
One worker and one check. Lender licensing, the disclosures owed, and what happens when a check is returned are not worked through here.
A practice walkthrough, not a prediction of how any real one will go. Legal information, not legal advice.