India is an agricultural based country. It has different social, political, geographical, economical environments region, state wise and has four seasons. The socio economic conditions in the 19th century was dominated by political commotions and instability. The society retained most of its traditional features but several changes were induced in the society. At the lowest stratum of the social order majority of people were poor. The mass of poor formed the common people who were mainly the agriculturist and artisians. The middle class comprised of the merchants, shopkeepers, low cadre of employees etc. Casteism was the main feature of the Hindu society and made people extremely rigid in their dealings.

The reason was no educational and technological advancement. With westernization the needs gradually changed from traditional to modern. With the modern and technological changes the needs of the lower strata, middle strata and upper strata of the population has increased and changed. In India, agriculture is the predominant occupation accounting for about 52% of employment for rural people. India is basically a rural economy and represents the framework of regulations, institutions and practices defining parameters for the sustainable livelihood and reasonable quality of life. Analysis of the Rural-Urban division revealed that 70% of India’s population lives in villages but the rural occupation contributes to only 16% of India’s economy.

Representative APR 391%

Let's say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.

Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

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