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Payday loan providers that charge 400 percent interest desire access to small-business loans

Среда, 26 Авг 2020

Payday loan providers that charge 400 percent interest desire access to small-business loans

Experts say the industry takes advantageous asset of financial desperation and really should cap its rates of interest first

On its web site, Payday Money Centers touts the tiny, short-term loans with an even more than 400 % interest it provides customers through its nearly two dozen Ca shops.

However with the economy crashing and less clients walking through the doors, the 23-year-old payday loan provider is suing for usage of a small-business financing system that charges simply 1 per cent interest while offering businesses the chance to have their loans forgiven. The Payday Money Center will be financially crippled, the company said in its lawsuit, filed in federal court in Washington, D. (далее…)