“The products reflect a basic fact: Many low-income borrowers are desperate enough to accept any terms. In a recent Pew Charitable Trusts survey, 37 percent of payday loan borrowers responded that they’d pay any price for a loan. In 2012, New Hampshire joined states like Georgia and Arizona that have banned triple-digit-rate payday loans but allow similarly structured triple-digit-rate auto-title loans. And as in Ohio, Texas lenders started defining themselves as credit repair organizations, which, under Texas law, can charge steep fees. Texas now has nearly 3,500 of such businesses, almost all of which are, effectively, high-cost lenders.”
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
'Internet makes global snooping possible, but harder to hide'
A Sure-Fire Way to Control the Price of Bitcoin?
A Helping Hand for Bernanke and Co.
S.F. SmartCar-Tippers Rage Against the Machine
Why Are so Many Refugees Drowning? And Why Don't They Fly?
California Medical Marijuana Crackdown Ramps Up As More Dispensaries Targeted For Closure
Spy, or pay up: FBI-backed bill would fine US firms for refusing wiretaps
Blowback: How U.S. Drones, Coups, and Invasions Create More Violence
House Votes to Investigate U.S. Involvement in Yemen’s Secret Torture Prisons
Fed's Big Ag Policy is Anything But "Green"
U.S. Agrees To Act As Terrorist Bodyguard, Plans Attacking Assad Forces
Taxpayers Held Liable After Cops Command K9 to “Eat” Handcuffed Man
Supreme Court Screws Small Online Businesses
U.S. Government Seizes LibertyReserve.com, Arrests Founder
A New Batch of One-Liners Provides more Evidence of Jay Leno’s Inner Libertarianism