Each payday, Patty Bailey of Kearns faced a long line of lenders whose two-week loans to her were due ? along with interest at annual rates ranging from 400 percent to 980 percent.
Bailey could not afford to pay off those “payday loans.” So, with cash from her paycheck, she visited lenders to buy more time. For example, she would pay, according to her records, $26 to Cash America to extend a $200 loan for another two weeks for an interest rate that comes to 469 percent annually.
For this complete story, please visit Payday Lenders Put Many Borrowers in a Vicious Cycle.
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