How payday loans work, how much they cost in fees and interest. What to ask a payday lender and payday loan laws in your province or territory. The History of Payday Loans. Even with the UK economy statistically in recovery, you can barely open a newspaper or watch a news bulletin without seeing a story about payday loans.It's a term that has entered our post-2008 lexicon, alongside 'triple-dip', 'food banks' and 'quantitative easing'. » The History of PayDay Loans. Share this. Payday Loan. Ask Google, check on forums or even bring up the topic of payday loans with a friend the result would never vary: a controversial list of pros and cons… what is it that makes payday loans such a controversial issue? Back in 2014, during the first season of his hit HBO show “Last Week Tonight,” John Oliver took on the payday loan industry. Boggled by loans that carried up to a 1,900 annual percentage rate. Today, the cost of living has gone up and many people have begun to seek out short term loans to help make ends meet. There are several loans options available including a payday loan. A payday loan while appealing could prove extremely costly. A payday loan is a short period offer that generally is considered […] Recent Posts. 5 Benefits of Outsourcing Tax Services in Atlanta GA; 3 Signs That You Need Septic Pumping; 4 Reasons Why Pay Per Click Marketing is Beneficial for Law Firms A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured loan with high interest rates. The term payday in payday loan refers to when a borrower writes a postdated check to the lender for the payday salary, but receives part of that payday sum in immediate cash from the lender. Minnesota: 30 days: $350: Ranges from $5.50 for loans up to $50 to 6% + $5 for loans $250 to $350 (i) On any amount up to and including $50, a charge of $5.50 may be added;(ii) on amounts in excess of $50, but not more than $100, a charge may be added equal to ten percent of the loan proceeds plus a $5 administrative fee; (iii) on amounts in excess of $100, but not more than $250, a charge may. March 2013: The UK's biggest payday lenders are threatened with being put out of business after a damning report uncovers evidence of widespread irresponsible lending. The Office of Fair Trading. Podcast After the Fact: A Podcast from The Pew Charitable Trusts After the Fact “After the Fact” is a podcast from The Pew Charitable Trusts that brings you data and analysis on the issues that matter to you—from our environment and the sciences, to larger economic trends and public health.