Marketplace: Payday Lenders Need to Be More Transparent
A couple weeks ago on Marketplace Morning Report, a payday loan lender defended his industry, saying as long as customers did the math, he wasn't doing anything wrong. Commentator Helaine Olen begs to differ.
Every year, 12 million Americans take out high-interest, short-term payday loans. The industry likes to claim it's offering a needed service and helping people who can't get credit anywhere else. Indeed, according to a study by the Pew Charitable Trusts, more than a third of borrowers simply have nowhere else to turn. And first timers are almost certain to be using the money for expenses like mortgage, utilities and credit card bills.
Read the full article at Marketplace