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Payday Lending

Usury Country: Payday Loans Pushing Millions of Middle Class Americans Deeper into Debt

Lawmakers and public officials in California, Ohio, South Carolina, Missouri, Washington and other states are attempting to crack down on the controversial practice known as payday lending. Payday loans are short-term loans or cash advances secured by a post-dated check. The annual interest rate for these loans can be as high as 400 percent, ten times the highest credit card rates. Today, it's a $40 billion industry with more than 22,000 stores. We speak with journalist Daniel Brook about his Harper's Magazine article, "Usury Country," and with Ginna Green of the Center for Responsible Lending. Ref. Source 8

Lending Payday

I think that anyone wanting to use these type of stores or "loans" needs to really think about what they are doing. The fact that they charge soo much in interest rates makes me not even go to them. I hope people realize soon that these people are like sharks.