A flourishing loan industry offering quick cash at exorbitant interest rates is under attack by consumer groups in storefronts all over California.
вЂњPayday loansвЂќ allow borrowing against the next paycheck for a fortnight at a price of $15 per $100–a 390% apr. ItвЂ™s appropriate, but customer advocates call it loan-sharking.
And susceptible folks are being targeted through tv adverts, they state, including those currently profoundly with debt as well as teens whom require cash for times.
вЂњThis fundamentally produces a market for bad checks,вЂќ stated Earl Lui, senior lawyer with Consumers Union. More