payday loans

Consumer advocates for years have warned that the payday loan industry preys on low-income borrowers who become reliant on one loan to pay off another — with enormous interest rates applied all the while. But a report released yesterday offers what is perhaps the most clear evidence to date that payday lending mires borrowers in [...]

Last week, we laid out the congressional battle-lines in the looming fight over how to regulate payday lenders. Today, The New York Times weighs in with a biting suggestion: kill the industry and shed no tears.
Payday loans — advances that are to be repaid on payday — are so burdensome and so pernicious that in [...]