Road To Ruin: Online Lenders Fight Regulation

Payday loan offices have been sprouting up across the country for decades. In these hard times, more people than ever are using payday loans to keep bill collectors at bay. Quick money, at interest rates of around 500% or more, for people with bad credit has been praised by some as a lifeline for the poor, but condemned by others as a trap to keep families in debt. Recently some states have passed laws limiting interest rates, but there is one marketplace that knows no borders -- the Internet.

ANP visited a conference where online payday-lending lobbyists urged congress to reject reform, and then traveled to a small town near the Virginia-North Carolina border to learn about the experiences of a man who googled "bad credit loans" and found himself in more trouble than he bargained for.

Category:

News & Politics

Tags:

• Payday Loan
• Dick Durbin
• Durbin
• Chris Dodd
• Joe Baca
• Online Lending Alliance
• Payday Lending
• Fraud
• Greed
• Lisa McGreevy
• Northway Financial
• Predatory Lending
• 36% Interest Rate Cap
• 36%
• Interest Rate Cap

[GreenEnergy2112]

704% Interest on a loan

FUCK those people shut those companies down !!

[ThunderDog97]

Banking criminals and politician criminals.... they go hand in hand.

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[studioJAC64]

@GreenEnergy2112

And why should they be shut down?? There are legitimate uses for PayDay loans that may people use every day. Just because you are too simple to understand how the loans work, does not mean they should be shut down. As for the moron in the video, he had no business borrowing from Peter to pay Paul like this when he is broke.

[studioJAC64]

Why is this couple breeding when they are broke. This guy is too stupid for his own good, and doe not deserve sympathy, only pity. Sad.

[royg6852]

I think that we've found installment loans are a much better option than payday loans. We got one from fastcashvegas com and the interest is a whole lot less, and they also give you a longer period to pay back.

[FernanDorman]

make money online! no skill just patience /watch?v=BMPhsRN19Ms

[58robbo]

the interest rates reflect the risk. without those interest rates, that credit will not be available to people who need it. this legislation is playing right into the hands of the big banks and will remove one of the few options some poor people have.

[madisonjacobd]

Asian ladies for dating # lushfmlk.info #

[flymarinesoldier]

8:13

priceless