McClatchy: Payday Lenders Move Online as Regulators Crack Down
WASHINGTON — The banner ad atop the website features a wide-eyed baby cradled in an adult’s hands with the words, “Did that special vacation for two end up producing a third? Castle Payday has life’s unexpected expenses covered.”
On a growing number of sites like this one, short-term loans are just a click away for web-surfing borrowers, regardless of any history of bankruptcy, bounced checks or other credit problems.
Payday loans are illegal in 15 states, including North Carolina, Georgia and Pennsylvania. Nine others – among them Washington and Florida – do allow payday loans but enforce strict rules that limit fees, require longer repayment periods or restrict the number of loans per customer, according to a Pew Charitable Trusts study.
Read the full article at mcclatchydc.com.
- Safe Small-Dollar Loans Research Project