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Politics in the Zeros

Voting rights, politics, renewable energy, water

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Politics in the Zeros

Voting rights, politics, renewable energy, water

“Pay day” loans gouge the desperate

  • Bob MorrisBob Morris
  • Mon, Mar 31, 2008
  • Credit crisis
  • 6 Comments

A pay day loan is typically for a few hundred dollars, with a term of two weeks, and an interest rate as high as 800 percent. The average borrower ends up paying back $793 for a $325 loan, according to the Center.

A quick Google of “payday loans online” showed several sites charging 900% APR for a $100 7 day loan.

Why is this legal?

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