Payday loans (Links to an external site.), a cash advance on a
person’s paycheck, are a form of credit that only require income
and a bank account. The borrower typically agrees to pay a fee,
which acts like an interest rate, to the lender and is required to
repay the loan at the time of his or her next paycheck. Recently,
the government and private companies have added to the debate over
payday loans.Part 1: The typical payday loan comes...