“The $15-$21 charged per each $100 borrowed from a payday lender is not an annual interest rate but a fee for a two-week loan. This means payday loans operate at a whopping annual interest rate of between 456 to 639 percent. For some borrowers, this is where the trouble begins.”
Dr. Jerry Buckland, Professor of International Development Studies at Menno Simons College.
Read the Commentary: If the federal government is serious about tackling poverty, reining in ‘payday lending’ a good place to start
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