Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Is Congress expanding credit for the poor or enabling payday lenders?

 

December 26, 2017



Ken Rees has made a fortune selling loans with triple-digit interest rates to borrowers with poor credit history or no credit history.

Over the years, he’s developed a knack for finding loopholes in usury laws in states that cracked down on so-called payday loans — a label that has morphed from describing short-term, small-dollar loans to include longer-term loans that carry sky -high interest rates but still can trap borrowers in a cycle of unsustainable debt.

https://www.salon.com/2017/12/22/is-congress-expanding-credit-for-the-poor-or-enabling-payday-lenders/

 

Reader Comments
(0)

 
 

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2017