Editorial: State should do more to end lending that is payday

Editorial: State should do more to end lending that is payday

Illustration of the lifebuoy adrift into the ocean in the middle of hungry sharks (picture: Paul Fleet, Getty Images/iStockphoto)

Payday lenders gouge the indegent. They offer “cash advances” or “check loans” due for payment for a customer’s next payday. Some cost interest levels since high as 360 per cent and use misleading and practices that are illegal make use of customers that are currently economically distressed, based on the Federal Trade Commission. Although the lenders’ bricks-and-mortar establishments are generally situated near low-income areas and university campuses, they’ve proliferated on line. Continua a leggere