Payday Loans Scrutinized

With more American's struggling financially, payday loans are coming under scrutiny for trapping the working poor in a vicious cycle of debt. Armen Keteyian reports.

Category:

News & Politics

Tags:

• armen
• keteyian
• payday
• loans
• debt
• financial
• finance

[jolensahib45]

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[TroySundt]

This is incredibly one sided.. they make the 400% apr seem horrible because they say "400% A YEAR!!!" ok except its 400% for 14 days or even 30 days and it turns out to be a fee and I don't know about you guys but i'd rather pay $16 for a $100 loan than pay $35 for an accidental overdraft. Why can't we exploit Wells Fargo and Bank of America, the real thieves who charge huge fees for small accidents.

[emmanuel43]

avoid loan sharks if you can.

[WUexp]

Westernunionhack.blogspot.com <===

[sophiemilesable]

I think payday loans can be abused by some people if they do not know what they are getting into .. I have used payday loans twice in the past year due to boiler and car problems and the bank would not help me out ... In my honest opinion before you sign up you should speak to the lender first to check you can afford it ...I used this company before i think this is their freephone number (0800 193 1203)

[PaydayMan71]

Payday loans can help out somebody in a jam. That's what there meant for. When you have nowhere else to turn and needs emergency funds fast. I think the fees in the short term are very reasonable but the APR is high.

The government should take action so the fees are still reasonable in the short term but the APR is capped to a fair amount for both parties. Regardless if the loans are paid back on time the fees aren't bad considering theyre a last option and fill a need that nobody else does.

[anaxichex]

This is silly. Payday lending is pretty above-board, from what I've seen. Expensive but not overtly evil.

Look what happened in Georgia. They outlaw high interest loans, and title loans take over. You default, they take your car. Now that is evil.

[victormo1508]

Holla! Have you ever tried bee 4 biz (do a google search)? it is a link locker that pays every time someone does your survey and unblocks your locked link. A sister of mine earns tons money with them just asking everyone to do surveys.

[shevah2]

@royg6852 its not about being responsible. inflation is driving up the cost of living and wages cannot keep up in this economy. do some research before thinking everyone is a goverment suupported octomom

[Hawaiirealtalk]

Lol, Now some indian with western sky financial wants us to take out payday loans in addition to losing our federal and state rights because its on a native American reservation. Fucking indians.