Payday Lenders – Information for Businesses FAQ. Applicable Legislation
What exactly is a payday lender?
A payday lender is an individual (this can include a company) whom provides, organizes or provides a loan that is payday.
For instance, this could easily consist of a company that only offers, organizes or supplies a loan that is payday or it may be a small business that along with providing pay day loans now offers other products or solutions such as for instance pawn broking, tax rebating, or retail items. Pay day loan agents will also be regarded as payday loan providers as defined within the Act. S. 137 Act
What exactly is a cash advance?
A loan that is payday a loan of money of no more than $1500.00 And for a term of no longer than 62 days (not including any renewal or extension). It really is an advance of cash in trade for a pre-authorized debit or the next payment of the same nature, although not for an assurance, suretyship, overdraft security or protection on home or via a margin loan, pawnbroking, a personal credit line or credit cards. Read More →