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.
MORE: http://www.nytimes.com/2013/02/24/business/major-banks-aid-in-payday-loans-banned-by-states.html?pagewanted=all&_r=1&
COMMENT:
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!
FROM: http://whatreallyhappened.com/
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