New Report: Payday Lending Sinks Borrowers in Debt
Posted by on July 14, 2008
Financial Quicksand: Payday Lending Sinks Borrowers in Debt
Uriah King, Leslie Parrish and Ozlem Tanik
Center for Responsible Lending
Financial Quicksand: Payday lending sinks borrowers in debt…
New CRL study finds borrowers pay $4.2 billion every year in excessive payday lending fees
Every year, payday lenders strip $4.2 billion in excessive fees from Americans who think they’re getting a two-week loan and end up trapped in debt. This report finds that across the nation payday borrowers are paying more in interest, at annual rates of 400 percent, than the amount of the loan they originally borrowed.
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