Pay Day Loans and the Elections
Poverty | (10)
More was decided on November 4, 2008 than who would be the next President of the United States: pay day loans also came under fire in two states, Arizona and Ohio. Just to make things clear, I think these types of loans are the absolute worst. They have extremely high effective interest rates (up to 391% APY!) and prey upon the economically disadvantaged and poorest of the American poor. A cash advance, as they are sometimes referred to, are often one way tickets to a life trapped in debt.
Imagine having thousands of dollars in this type of loan with an ...