EKC provides a nice roundup of local efforts (mostly by area Democrats) to battle predatory lenders. Here's my favorite fun fact from the article:
Current payday loan interest rates in Missouri average 422 percent APR with typical rollovers, and that the maximum rate can go as high as 1,950 percent APRWow! Those are some pretty hefty returns, to earn that kind of interest on your money in any other area would be nearly impossible or would at least require some kind of way to profit from the current war against
I'm surprise Tony you don't talk more about this, Payday Loans. Since their main targets are minority people.
ReplyDeleteIf you want a short term loan, expect higher interest rates. Have no collateral, expect higher interest rates. Don't take out money you can't afford.
ReplyDeleteThe government shouldn't be controlling every facet of our lives. Absent discrimination in denials, determining who gets to leverage money should be the decision of the lender, not the government.
/tony sure grinds an axe for a while...