Payday Profiteers. / Kari Lydersen.
by Lydersen, Kari; SIRS Publishing, Inc.
Material type:
BookSeries: SIRS Enduring Issues 2002Article 37Business. Publisher: Multinational Monitor, 2001ISSN: 1522-3191;.Subject(s): Interest rates | Loan servicing -- Costs | Paydays | Predatory lending | Usury | Working poorDDC classification: 050 Summary: "Payday loans are supposed to be quick, relatively small (average $200 to $300) infusions of cash for emergencies such as car repairs or medical bills. The loans are usually payable in two weeks, presumably after the borrower's next paycheck, and usually at an interest rate of around 15 to 20 percent over the two-week period. Come payday, the majority of borrowers are unable to repay the loan, so it is refinanced again at an additional 20 percent....Over a year-long period, that means a borrower may pay as much as 2,000 percent in interest--$4,000 on a $200 loan." (MULTINATIONAL MONITOR) This article examines the practice of payday lending and describes the economic harm it causes the working poor.
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High School - old - to delete | REF SIRS (Browse shelf) | Available |
Articles Contained in SIRS Enduring Issues 2002.
Originally Published: Payday Profiteers, Oct. 2001; pp. 9-15.
"Payday loans are supposed to be quick, relatively small (average $200 to $300) infusions of cash for emergencies such as car repairs or medical bills. The loans are usually payable in two weeks, presumably after the borrower's next paycheck, and usually at an interest rate of around 15 to 20 percent over the two-week period. Come payday, the majority of borrowers are unable to repay the loan, so it is refinanced again at an additional 20 percent....Over a year-long period, that means a borrower may pay as much as 2,000 percent in interest--$4,000 on a $200 loan." (MULTINATIONAL MONITOR) This article examines the practice of payday lending and describes the economic harm it causes the working poor.
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