A low, low interest rate of 396 percent - CNNMoney.com- Topic: Money Payday Loans
A payday loan is a small-dollar, short-term loan with fees that can add up to interest rates of almost 400 percent. One ESOP client said, "You get a payday loan and you take your pay next payday and pay back the loan. When the CRL took the average payday loan principal as reported by state regulators and multiplied it by the average number of loan rollovers per year, it found that typical borrowers pay back $793 for a $325 loan. Go to any state consumer complaint agency and you’ll find very few about payday lending," said Steven Schlein of the Community Financial Services Association, a payday lending group. Learn more
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