As one borrower put it, payday lenders are “ruining decent people’s lives.”
A video from national payday lending chain Check N Go tries to set a reasonable standard of cost for their loans... at 390%. They don’t want you to know the devastating impact payday loans are having on millions of Americans every year. They don’t want you to know that payday borrowers are typically caught in these high-cost loans for much longer than they ever planned. After all, despite their smooth talk, payday loans are designed to be long-term debt and while many borrowers do default, it is only after paying hundreds of dollars in interest for an average $300 loan.
We respond with our own video, showing the gaping hole in their logic, and the true cost of payday loans.
Here is what they say... |
And here is the real deal |
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