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My opinion -Pay day loans prey upon the poor- but where else can they turn - banks- forget it.
http://dealbook.nytimes.com/2015/02...agency-seeks-limits-on-payday-lenders/?ref=us
In the world of consumer finance, they are chameleons: payday lenders that alter their practices and shift their products ever so slightly to work around state laws aimed at stamping out short-term loans that can come with interest rates exceeding 300 percent.
Such maneuvers by the roughly $46 billion payday loan industry, state regulators say, have frustrated their efforts to protect consumers.
http://dealbook.nytimes.com/2015/02...agency-seeks-limits-on-payday-lenders/?ref=us
In the world of consumer finance, they are chameleons: payday lenders that alter their practices and shift their products ever so slightly to work around state laws aimed at stamping out short-term loans that can come with interest rates exceeding 300 percent.
Such maneuvers by the roughly $46 billion payday loan industry, state regulators say, have frustrated their efforts to protect consumers.