Skip to main content

Search form

Payday Lending: A 400% Interest Debt Trap

Videos
Payday Loans

Make a difference - Call for a stronger payday rule by sending comments to the CFPB through stoppaydaypredators.org/crl.

Payday lending traps borrowers in long-term 400% interest debt, making them vulnerable to overdue bills, overdraft fees, credit card delinquency and bankruptcy. A 36% cap on annual interest is the only way to spring the debt trap.