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Everbody knows, pay day loans are made to trap low-income borrowers in a spiral of perpetual and debt that is growing.

Samstag, August 22nd, 2020

Everbody knows, pay day loans are made to trap low-income borrowers in a spiral of perpetual and debt that is growing.

Predatory lenders strain vast amounts from our state’s economy through costs and interest that is astronomical, especially in currently struggling communities. These loans can also increase the chances of extra monetary injury to borrowers, from increased overdraft costs to delinquency on other bills, banking account closures, and also bankruptcy.

In Wisconsin, payday advances carry a typical yearly rate of interest of 565 per cent, in line with the state Department of banking institutions. (mehr …)