Detailed text transcripts for TV channel - MSNBC - 20190207:18:55:00
Payday loans to finance expensesment payday lenders make sheer money of repeat borrowing at loan shark rates adding 400% annually. some is as high as 950%. that would mean someone taking out a $300 loan could end up paying 2,850 bucks in fee alone. why is this happening? first, payday lender say they need to charge their customers super high rates because they carry super high risk of defaults. borrowers they're expected to pay the total amount they owe within a period of weeks. a whopping 80% of borrowers can't afford to make full lump sum payment. it is no wonder almost 12 million americans ...