News Sources wrote an interesting post today on
Here’s a quick excerpt
In a letter to the Wall Street Journal, Prof. Roger Meiners defends payday loans . He explains how a 36% APR cap would ruin the industry by making it unprofitable to operate a payday loan shop. But perhaps his best observation was about predatory lending. Many critics refer to payday loans as an example of predatory lending. Their only evidence is the 400% APR associated with them. This of course ignores that these loans only accrue interest for around 15 days, not a year. The aver

Read the rest of this great post here

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