According to the
Consumer Financial
Protection Bureau, a payday loan is a «short - term, high cost loan, generally for $ 500 or less, that is typically due
on your
next payday.»
However, the interesting element of the case comes
next: he also considered whether McCambridge are entitled to an injunction under section 71 of the
Consumer Protection Act 2007
on the basis that Brennans were engaging in a misleading commercial practice.