With yearly interest levels around 400 %, payday advances are known as exploitative by critics. But the industry states those prices are necessary. And almost 90% of borrowers are pleased clients. (picture: stallio)
Our latest Freakonomics broadcast episode is called “Are payday advances Really because wicked as People Say?” (You can contribute to the podcast at iTunes or somewhere else, have the RSS feed, or pay attention through the news player above.)
Experts — including President Obama — say short-term, high-interest loans are predatory, trapping borrowers in a period of financial obligation. Continue reading “Are Payday Advances Actually because Wicked as People State?”