Monday, February 25, 2013

Major Banks Aid in Payday Loans Banned by States


Major banks have quickly become behind-the-scenes allies of Internet-based payday lenders that offer short-term loans with interest rates sometimes exceeding 500 percent. 



So the way the scam works is the bank won;t lend you any low-interest money but then lends it at higher interest to the Payday loan company, which does loan it to you at even higher interest!


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