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 a fortnight at a price of $15 per $100–a 390% apr. It’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.

“This fundamentally produces a market for bad checks,” stated Earl Lui, senior lawyer with Consumers Union. More