Without a doubt about Consumer Groups Attack ‘Payday Loans’

Without a doubt about Consumer Groups Attack ‘Payday Loans’

A flourishing loan industry offering quick cash at exorbitant interest rates is under attack by consumer groups in storefronts all over California.

“Payday loans” allow borrowing against the next paycheck for 14 days at a price of $15 per $100–a 390per cent apr. It’s appropriate, but customer advocates call it loan-sharking.

And susceptible individuals are being targeted through tv advertisements, they state, including those currently profoundly with debt and also teens who require cash for times.

“This fundamentally produces an industry for bad checks,” stated Earl Lui, senior lawyer with Consumers Union. [Read more…]