This Week, Look at Real Sharks: Payday Lenders

August 12, 2014
The Nation 
payday lending news
"Shark Week" programming on the Discovery Channel is in the news this week; but activists in states like Illinois, Iowa, and Missouri are using the theme to warn about the perils of loan sharking.

Protest and rallies outside of payday loan locations are planned for the week. The events are being organized by National People's Action, whose research indicates that low-income, minority communities can have three times as many payday lenders as predominately white, well-off neighborhoods. Residents of these disadvantaged areas are the ones least able to afford the short-term, high-cost loans that critics say can land borrowers in a cycle of debt.









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