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Regulators launch major crackdown on payday lenders March 26, 2015. Accessed January 27, 2016. https:www. latimes. combusinessla-fi-payday-lender-rules-20150326-story. html Car Title Loans Department of Consumer and Business Affairs. August 15, 2013. Accessed January 27, 2016. https:dcba. lacounty.
How Payday Loans Work. Payday loans get their name because they usually come due on the borrowers next payday. Theyre different from regular bank loans in several ways: Smaller Amounts. In most states where payday loans are legal, theres a limit on how much you can borrow this way. This cap ranges from 300 to 1,000, with 500 being the most common amount. The Pew report says the average size of a payday loan is 375. Shorter Terms.