Is Payday Lending Rate Really 390% OR More?
The following are two interesting videos concerning PayDay Lending. The first video is from the PayDay Lender Check-N-Go where they are defending their insane APR (Annual Percentage Rate) of 390%!! Their argument is that because their loans are short term and carry more risk to the lender, it doesn’t make sense to use the industry standard APR.
The second video from Center of Responsible Lending merely points out a basic fact that APR is a universal way for consumers to compare the cost of money regardless of the terms of the loan. It is a very useful number that needs to be evaluated before you take on any debt.
Watch the videos… interesting stuff.
I encourage you to write to your Congresspersons and/or Senators to support a 36% rate cap on all loans acquired by consumers.
Other Articles You May Be Interested In:
You couldn’t pay me to igonre these posts!