The payday playbook: How high-cost lenders fight to stay legal
By Jacqueline Baylon
First Published Aug 06 2013 11:20 am • Last Updated Aug 06 2013 11:24 am
Outrage over payday loans, which trap millions of Americans in debt and are the best-known type of high-cost loans, has led to dozens of state laws aimed at stamping out abuses. But the industry has proved extremely resilient. In at least 39 states, lenders offering payday or other loans still charge annual rates of 100 percent or more. Sometimes, rates exceed 1,000 percent.
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