Nine States Where Lenders Take Your Paycheck
Payday loans — small, short-term loans secured against a customer’s next paycheck — are highly controversial. A new study from Pew Charitable Trusts explains that opponents believe the practice “preys” on people who, because of the high interest rates and other fees, struggle for months to repay loans promoted as lasting a few weeks. Proponents of the practice claim it provides fast relief for “underserved people.” According to the Pew study, roughly 5.5% of Americans borrowed against their paychecks between 2005 and 2010.
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