"PAY DAY" LOANS GOUGE THE DESPERATE


A pay day loan is typically for a few hundred dollars, with a term of two weeks, and an interest rate as high as 800 percent. The average borrower ends up paying back $793 for a $325 loan, according to the Center.

A quick Google of "payday loans online" showed several sites charging 900% APR for a $100 7 day loan.

Why is this legal?

Link to source-webpage by Bob Morris, obtained via: Politics in the Zeros, March 31, 2008, 7:04pm

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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