STOREFRONT-LENDER

Storefront lenders serve as a one-stop-shop for personal loan products such as cash advances, also known as payday loans. Besides payday loans and check cashing, many storefront lenders also offer financial services such as money transfers, bill payments, and even prepaid cell phones... Each year, nearly 12 million Americans turn to storefront lending as a funding source when they run out of cash and have an emergency expense. Seventy percent of the time, these funds are used to cover necessities such as food, rent, or utilities... Payday lending laws regulate storefront lenders in the USA. Each state has its laws regulating personal loans, but the amount of lending regulations varies widely from state to state. These laws commonly affect the terms of a personal loan, such as loan terms and the number of rollovers allowed. State regulations also directly affect a payday loan's cost by regulating annual percentage rates (APRs) and the amount a lender may charge borrowers in fees such..